February 7, 2019 / 11:25 AM / 8 months ago

UPDATE 1-S.Korea's Netmarble, China's Tencent to bid for Nexon holding company -report

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SEOUL, Feb 7 (Reuters) - South Korean gaming firm Netmarble Corp is partnering with Chinese tech giant Tencent Holdings to bid for the company that controls South Korea’s Nexon, the Korea Economic Daily newspaper reported on Thursday.

Another member of the consortium will be South Korean local private equity fund MBK Partners, the report said.

Kim Jung-ju, founder of Nexon, the country’s biggest gaming company, plans to sell a 98.64 percent stake in NXC Corp held by himself and related parties including his wife, the newspaper reported last month.

Netmarble said in late January that it will form a consortium to bid for Nexon.

Tencent, the world’s largest gaming company by revenue, owns the exclusive licence to operate Nexon’s Dungeon & Fighter in China.

Netmarble declined to comment on whether it is pairing with Tencent for a bid.

MBK Partners and Tencent did not immediately respond to a request for comment outside regular business hours.

Tencent has a 17.66 percent stake in Netmarble. (Reporting by Heekyong Yang; Additional reporting by Jane Chung; Editing by Jan Harvey and David Evans)

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