The South Korean government announced plans to conduct a tender offer for a 29.3% stake in Seoul-based game giant NXC Corp., valued at approximately $3.6 billion. This stake, previously owned by the late Chairman Kim Jung-ju, was handed over as payment-in-kind by his daughters to cover inheritance tax, marking the largest-ever securities-based inheritance tax payment to the Korean government.
The Ministry of Economy and Finance, in collaboration with state-owned Korea Asset Management Corp. (KAMCO), will oversee the tender offer from December 18 to 19. The winner is set to be announced on December 22, with a contingency plan for a second round on December 25-26 if needed.
NXC holds a substantial 46% stake in Tokyo-listed game developer and publisher Nexon Co., overseeing its Korean entity Nexon Korea Corp. Despite challenges following Chairman Kim’s passing, NXC posted revenue of 68.4 billion won and operating profit of 57 billion won last year. The ownership structure includes the late chairman’s wife and two daughters, with Wisekids LLC, a Seoul-based toy manufacturer, also holding a stake in NXC.
