Disney has reportedly been offered a controlling stake in NXC, which is the parent company of South Korean video game publisher Nexon- an entity that specializes in online gaming for both PC and mobile. Nexon has grown in leaps and bounds over the years to become the biggest game developer in South Korea and the world’s second-largest online games market.
NXC which has Nexon under its umbrella as earlier stated, owns two major crypto-currency exchanges; Korbit based in South Korea, and Bitstamp based in Luxembourg. Luxembourg based Bitstamp happens to be the world’s longest running Bitcoin exchange, having begun operations back in 2011.
NXC’s major shareholder Jung-ju Kim who happens to the billionaire chairman of NXC is reportedly prepared to sell 98.64% stake in NXC which he and his wife own, which also owns 47.02% of Nexon. A report by the Korea Herald indicated that Jung-ju Kim met with a senior Disney representative; where talks about selling his and his wife’s NXC stake to the entertainment giant were held.
Jung-ju Kim has reportedly been trying to sell his stake at NXC since January this year, and final bids are set to take place on May 15. Around the time of his interaction, and talks with Disney Jung-Ju Kim had this to say about the entertainment giant;
“What I envy the most about Disney is that they do not force money out of kids (consumers) gladly pay Disney. Nexon has a long way to go. Some people hate Nexon to death.”
Jung-Ju Kim is not new to acquisitions, as NXMH- an NXC subsidiary which happens to be an investment group based in Belgium- acquired Bitstamp last year. Bitstamp, an exchange that supports major crypto-currencies such as Bitcoin, Litecoin, XRP, and Ethereum as well as Fiat crypto pairs in USD & Euro, has gone on to become one of the largest crypto exchanges by volume in Europe.
Jung-Ju Kim’s NXC also owns a majority in rival crypto exchange Korbit through its subsidiary Nexon. Korbit which is South Korea’s second largest crypto exchange and first Bitcoin exchange in the country had 65% of its shares acquired by Nexon 2 years ago. It currently has a daily trading volume $9.8 Billion.
According to Reuters, NXC is looking to make some acquisitions, with the firm readying bids for Chinese gaming giant Tencent, South Korean internet Giant Kakao, as well as a number of private equity firms which include MBK partners, KKR, and Bain capital.
The impending deal with Disney is likely to propel NXC to heights yet to be seen; with the entertainment, Giant reporting $59.4 billion in revenue last year, while also acquiring 21st Century Fox last month.
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