Tencent Holdings Ltd. has renewed its pursuit of South Korean game developer Nexon Co. in a potential $15 billion transaction, marking the Chinese conglomerate’s latest attempt to expand its gaming empire beyond domestic borders.
The Shenzhen-based company has reached out to the family of Nexon’s late founder Kim Jung-ju to discuss an acquisition, according to people familiar with the matter. Kim’s relatives hold their stake through family investment firm NXC Corp., which owns 44.4% of Nexon, creating a complex ownership structure that could complicate any deal.
This marks Tencent’s second attempt at acquiring the MapleStory publisher. The companies explored a sale six years ago, attracting interest from buyout firms including KKR & Co. and Hillhouse, but the process was shelved due to pricing disagreements.
Nexon shares surged as much as 10% in Tokyo Friday following Bloomberg’s initial report. The Korean developer posted 1.08 trillion won ($1.33 billion) in revenue for the first quarter, driven by recovering performance from flagship titles including Dungeon & Fighter and MapleStory.
The timing reflects Tencent’s broader South Korean ambitions. A subsidiary recently agreed to buy nearly 10% of music producer SM Entertainment Co. However, with no finalized structure and uncertain family receptiveness, any transaction remains highly speculative.
