Nexon settles on five bidders in corporate sale as Tencent splits from Netmarble and MBK

    
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Welp, I’m sorry, guys: You’re not on the shortlist to buy Nexon. I know you really wanted it, but it’s not to be.

As we’ve been chronicling, Nexon’s controlling family has spent the last two months entertaining buyers for the company, which is valued at a cool $9 billion US. A long list of companies has apparently been considering a bid, but now apparently Nexon has whittled the list down to five contenders: Tencent, Kakao, Bain Capital, MBK Partners, and an “unidentified private equity firm,” according to Reuters.

Previously, it appeared Tencent, Netmarble, and MBK would form a consortium for bidding, but now Netmarble and MBK are allied against Tencent. It’s not clear what happened with the preliminary bids from companies like Amazon, Comcast, and Electronic Arts, which were at one point throwing their hats into the ring.

GIbiz now notes that the bidding will begin in April and could wind up with as much as $13.3 billion changing hands.

Get caught up on the Nexon sale saga:

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Xijit
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Xijit

I am guessing that the “unnamed” is a Japanese government company, like the JFC or something. Since Nexon is HQ-ed in Japan, and all of the other bidders seem like people who would happily shut that office down, the Japanese government is probably not keen on the idea of having hundreds of upper middle class laid off.

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BalsBigBrother

Aww does that mean my bid of the money I find under my sofa cushions was turned down. Well damn and I thought I had that one in the bag too /sigh

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Eliandal

I’ll add the change in my cars seat cushions AND under the floor mats to that! Of course, it still devalues the bid since it’s Canadian ;)!

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Life_Isnt_Just_Dank_Memes

My private equity firm is getting the bid if its the last thing we ever do.

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rafael12104

You know, it is hard to comprehend those numbers. 13.3 Billion dollars? That is higher than the GDP of many countries around the world. And that will be going to one family interest? Holy shit.

As if my choice mattered, I’ll say this. I hope Tencent or Kakao get the nod. Equity Groups are great are making money but horrible at taking care of their companies and employees.

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Armsbend

It’s almost one tenth of Jeff Bezos’s net worth.

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Bruno Brito

Think about this: 50% of the entire riches of this world is owned by 2% of the people on it.

In Brazil specifically: 5 people have the same networth as 100 million of brazilians.

It kinda puts yourself in perspective as of who you are, how much are you worth and how the social-economics of this world actually work.

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BalsBigBrother

You are worth far more than the money in your bank account. In particular to you Mr Bruno sir, your art is some of the value that you bring to the world and please never stop doing it.

Of course its also nice to pay the rent and put food on the table but looking at your worth purely on a money level doesn’t tell the whole story imo.

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Bruno Brito

Of course its also nice to pay the rent and put food on the table but looking at your worth purely on a money level doesn’t tell the whole story imo.

No, it doesn’t, and i completely agree, but this is a premise of inner worth. Sadly, our economics and reality work on more “logical” terms, where people actually have a net worth and homeless people fall due to a convulsion on a hospital sidewalk and bleed to death from a cranial fracture without a single nurse to perform first aid.

This actually happened here.

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Arktouros

Kakao getting Nexon would be super spicy considering their relationship to Pearl Abyss.

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Eliandal

I knew Kakao was big, but I had no clue it was that big?

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Arktouros

It’s pretty big, I think I remember most of their money comes from a texting or messaging app or something, but they diversified pretty hard and are a fairly large company. They own a good chunk of Pearl Abyss stock if I remember right as well. They’re very intertwined as companies go. Them owning Nexon would be crazy.

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Antiseptic

Kakao like many Korean companies are actually larger conglomerates of family run businesses (known as chaebol there) that operate in different industries. Kakao was slightly different since it was primarily an Internet company where their businesses didn’t have the sort of entanglements that chaebols like Samsung, LG, or Hyundai have. Now though, Kakao doesn’t just have interests in the Internet space (which includes stuff like KakaoTalk or their gaming presence from their acquisition of Daum several years ago), but they also operate Kakao Driver, Kakao Taxi, Kakao Hair Shop, and the really big one, Kakao Bank (with all of these services tied to their mobile internet platform).