Nexon selling stake in 6Waves to Stillfront for $93m
James Batchelor
Editor-in-Chief
Thursday 20th January 2022
Nexon is divesting itself from mobile publisher 6Waves, with Stillfront Group set to take its share in the firm instead.
Reuters reports the 34.8% stake will be sold for around $93 million. Nexon originally made this investment back in 2011.
The site said it was Hong Kong-based 6Waves that requested Nexon sell its stake to Stillfront, and a statement from Nexon partly indicates why it agreed.
"Since [2011], Nexon and 6Waves have not achieved the business results initially expected and the investment came to be positioned as pure investment at Nexon," the company said.
Nexon is still analysing the impact this sale will have on its first quarter financial results later this year.
Its most recent results, for the third quarter of its current financial year, showed a 44% decline in mobile games revenue but a 24% increase on PC, which accounts for more than three quarters of the company's earnings.
The publisher expects a year-on-year increase in revenue in its Q4 results.
Earlier this month, Nexon invested $400 million into AGBO, a production company run by Avengers: Endgame directors Anthony and Joe Russo.
Last year, it also invested $874 million across Bandai Namco, Konami, Sega and Hasbro.
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