Game developer Nexon says it will sell Six Waves to Stillfront for $93 mln

Stillfront AB (publ)

20/01/2022 07:06

TOKYO, Jan 20 (Reuters) - Japanese-South Korean game
developer Nexon Co  3659.T  said on Thursday it would sell its
34.8% stake in Six Waves Inc to Sweden-based Stillfront Group AB
 SFRG.ST  for about $93 million, sending its shares up 6% in
Tokyo trade.
    Nexon made the investment in mobile game publisher Six Waves
in 2011, aiming to expand in the social gaming field.
    "Since then, Nexon and Six Waves Inc have not achieved the
business results initially expected and the investment came to
be positioned as pure investment at Nexon," it said in a
statement.
    Six Waves requested the sale of Nexon's stake to Stillfront,
and Nexon agreed, it said, adding that it was still analysing
the impact of the sale on its first-quarter financial results.  
     

 (Reporting by Chang-Ran Kim; Editing by Jacqueline Wong)
 ((ran.kim@thomsonreuters.com; +81-3-4520-1228))