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    3659   JP3758190007

NEXON CO., LTD.

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Delayed Japan Exchange  -  05/25 09:42:17 pm EDT
3140.00 JPY   -0.63%
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Game developer Nexon says it will sell Six Waves to Stillfront for $93 million

01/20/2022 | 02:13am EDT
Logos of Nexon are seen at its main office building in Seoul

TOKYO (Reuters) - Japanese-South Korean game developer Nexon Co said on Thursday it would sell its 34.8% stake in Six Waves Inc to Sweden-based Stillfront Group AB 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)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
NEXON CO., LTD. -0.63% 3140 Delayed Quote.39.16%
STILLFRONT GROUP AB (PUBL) -1.30% 23.45 Delayed Quote.-44.66%
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Financials
Sales 2022 348 B 2 736 M 2 736 M
Net income 2022 106 B 835 M 835 M
Net cash 2022 613 B 4 817 M 4 817 M
P/E ratio 2022 26,5x
Yield 2022 0,25%
Capitalization 2 791 B 21 935 M 21 935 M
EV / Sales 2022 6,26x
EV / Sales 2023 5,13x
Nbr of Employees -
Free-Float 51,5%
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Mean consensus OUTPERFORM
Number of Analysts 11
Last Close Price 3 160,00 JPY
Average target price 3 199,73 JPY
Spread / Average Target 1,26%
EPS Revisions
Managers and Directors
Owen Mahoney President & Representative Director
Shiro Uemura CFO, Representative Director & GM-Administration
Satoshi Honda Independent Outside Director
Shiro Kuniya Independent Outside Director
Patrick Söderlund Director
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