NXC, the holding company of Nexon, will acquire the equity in Nexon Japan that had been held by its wholly owned, Europe-based investment subsidiary. The move is seen as an effort to simplify the group's equity-holding structure and strengthen control.
NXC disclosed on the 22nd that it decided to acquire 118,527,140 common shares (about 14.98%) of Nexon's Japan entity held by Europe-based investment company NXMH B.V. for about 2.9898 trillion won. As a result, NXC's equity stake in Nexon rose to 46.38% from 31.4%.
With this transaction, NXMH's equity stake fell to 0.01%, removing it from Nexon's list of major shareholders.
The transaction was pursued to simplify the structure by shifting from the "indirect holding" method, in which NXC held Nexon equity through a subsidiary, to direct holding.
An NXC official said it is "part of the group's financial strategy to enhance asset management and financial efficiency by unifying Nexon's equity-holding structure from indirect to direct holding." The official added, "The stock purchase price will be paid with shareholders' equity and overseas funds."