TOKYO (Reuters) – Japanese-South Korean recreation developer Nexon Co stated 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 commerce.
Nexon made the funding in cell recreation writer Six Waves in 2011, aiming to increase within the social gaming subject.
“Since then, Nexon and Six Waves Inc haven’t achieved the enterprise outcomes initially anticipated and the funding got here to be positioned as pure funding at Nexon,” it stated in an announcement.
Six Waves requested the sale of Nexon’s stake to Stillfront, and Nexon agreed, it stated, including that it was nonetheless analysing the affect of the sale on its first-quarter monetary outcomes.
(Reporting by Chang-Ran Kim; Editing by Jacqueline Wong)
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