CJ ENM : S.Korea's Netmarble buys Hong Kong-based casino game app co SpinX for $2.19 billion
August 02, 2021 at 07:42 am EDT
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SEOUL (Reuters) - South Korean game developer Netmarble Corp 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 as of end-second quarter of this year, ranking third out of firms in the global mobile social casino genre, Netmarble said.
Netmarble is backed by Tencent, 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.
($1 = 1,150.0300 won)
(Reporting by Joyce Lee, editing by Louise Heavens)
CJ ENM Co Ltd, formerly CJ O Shopping Co Ltd, is a Korea-based company engaged in home shopping and catalogue sales business. The company operates its business through four segments. The Media Business segment provides broadcasting services through broadcasting channels such as TVN, OCN, and channel (CH) CGV, and sells broadcasting contents. The Commerce Business segment sells men's and women's underwear and apparel, accessories, bedding, electronics, cosmetics, sporting goods, furniture, household goods, kitchenware, food, and mobile phones through cable television home shopping networks, mail order, and the Internet. The Film and Performance Business segment is engaged in the production, distribution, and investment of movies, and operates the performance business. The Music Business segment is engaged in music production and distribution business.
CJ ENM CO., LTD. 
