Tencent Considers Nexon Acquisition to Expand Gaming Portfolio: Bloomberg

Chinese tech giant Tencent is reportedly in talks to acquire South Korean game developer Nexon, known for popular titles like Dungeon & Fighter and the MapleStory franchise. According to Bloomberg, Tencent is exploring a potential acquisition of Nexon, which is heavily invested in Web 3 gaming.

Nexon is currently controlled by the family of its late founder Kim Jung-ju, who holds a 44.4% stake in the company through NXC Corp. Tencent has approached the family to discuss a possible deal, although discussions are still in the early stages and there is no guarantee that an agreement will be reached.

If the acquisition goes through, Tencent would be acquiring a company with a market capitalization of $16.6 billion. This move could reinvigorate Tencent’s global gaming ambitions, which were slowed down by Chinese regulatory crackdowns in 2020. Additionally, acquiring Nexon would allow Tencent to secure popular intellectual property and strengthen its presence in the lucrative South Korean gaming market.

However, the deal is expected to be complex due to the ownership structure of Nexon. The Kim family inherited control of the company after the founder’s passing in 2022 and has since transferred shares to the Korean government to cover inheritance taxes. The government has been unable to sell its stake in Nexon.

This is not the first time Tencent has shown interest in acquiring Nexon. In 2019, talks between the two companies fell through due to disagreements over pricing. Tencent’s recent investments in other sectors, such as a $1.3 billion investment in a new Ubisoft unit and a 10% stake in K-pop label SM Entertainment, indicate the company’s diversification strategy.

In addition to its gaming ventures, Tencent is also expanding into the blockchain space. Earlier this year, the company announced a partnership with Ankr to develop a suite of blockchain API services. This move aligns with Tencent’s broader strategy to explore emerging technologies and strengthen its position in the digital economy.

Overall, a potential acquisition of Nexon by Tencent could have significant implications for the global gaming industry and further solidify Tencent’s position as a key player in the market. It remains to be seen how the negotiations between the two companies will progress and whether a deal will ultimately be reached. Bullish group is majority owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

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