S.Korean's Netmarble buys Hong Kong-based casino game app co SpinX for $2.19 bln

Netmarble

02/08/2021 11:45

SEOUL, Aug 2 (Reuters) - South Korean game developer
Netmarble Corp  251270.KS  said on Monday it agreed to buy 100%
of Hong Kong-based social casino game company SpinX Games for
$2.19 billion. 
    Netmarble acquired SpinX through its holding company based
in the Cayman Islands, in an effort to diversify its game
portfolios and strengthen global business competitiveness, it
said in a regulatory filing. 
    SpinX, established in 2014, offers casino game mobile apps
such as "Cash Frenzy" and reported a 328.9 billion won ($285.99
million) revenue in the second quarter of this year, ranking
third out of firms in the global mobile social casino genre,
Netmarble said. 
    Netmarble is backed by Tencent  0700.HK , which holds a
17.5% stake in the South Korean game company, the third-largest
stake after those of founder Bang Jun-hyuk and CJ ENM
 035760.KQ . 


($1 = 1,150.0300 won)

 (Reporting by Joyce Lee, editing by Louise Heavens)
 ((jungyoon.lee@tr.com; +82 2 6936 1467;))