Nexon deals blow to LBO market

摘要

Asia's leveraged finance market suffered a major disappointment after the founder of South Korean video game publisher Nexon scrapped plans to sell a controlling stake in its parent NXC, dashing hopes for what could have been the country's biggest private equity buyout. Founder Kim Jung-ju was looking to sell the 98.6% stake that he and his wife hold in NXC, but abandoned the sale earlier this month. NXC is the major shareholder of Tokyo-listed Nexon through a 47% stake, and full takeover of the listed company would have valued the deal at around US$14bn, based on Nexon's market capitalisation. NXC, which also has non-gaming investments including the Bitstamp cryptocurrency exchange, is valued at around US$8.6bn, according to sources.