Nexon’s $3B Stake Put Up for Bids by South Korean Authorities
|
|
Key points
- South Korean authorities will sell 851,968 common shares (a 30.6% stake) issued by NXC, Nexon’s parent company.
- The shares that the government is about to sell were paid by the family of the late Nexon founder Kim Jung-ju as inheritance tax.
- The authorities expect to receive approximately 4.7 trillion won, which is about $3.45 billion.
South Korean authorities will sell 851,968 common shares (a 30.6% stake) issued by NXC, Nexon’s parent company, according to an announcement from The Korea Asset Management Corporation, a government-managed organization.
As reported by South Korean outlet News.Nate, the process of selling was initiated by the Ministry of Strategy and Finance. The shares that the government is about to sell were paid by the family of the late Nexon founder Kim Jung-ju as inheritance tax, which allowed them to keep control over 67.6% of the holding’s shares.
Kim founded Nexon in 1994 while pursuing a doctorate in computer science and engineering. Under his leadership, the company launched titles such as 1996’s Nexus: The Kingdom of the Winds, 2003’s MapleStory, 2004’s KartRider and 2005’s Dungeon & Fighter. Kim passed away on Feb. 28, 2022, at the age of 54 while traveling in Hawaii. At the time of his death, he was the third-wealthiest person in South Korea.
Preliminary bid proposals will be accepted until 5:00 pm (Korean Time) on Aug. 25, 2025. The authorities expect to receive approximately 4.7 trillion Korean won, which is about $3.45 billion as of July 4, 2025.
According to the report, the shares in question will be sold in bulk as a basic principle, but the method may be adjusted depending on future sales strategies. It is worth noting that in 2023, the ministry attempted to sell the company’s shares twice, but a buyer was not found. As of July 2025, Nexon’s market capitalization is approximately $15.83 billion.
