Stillfront Group announced its intention to purchase 100% of the shares in the mobile publisher 6Waves, including Nexon's 34.8% stake.
Stillfront Group has announced it is intended to take 100% of the shares in Hong Kong-based 6Waves for $201 million. According to Stillfront, approximately 92 percent is payable in cash, and about 8 percent remains payable in a total of 2,913,857 newly issued shares in Stillfront.
Stillfront CEO Jörgen Larsson pointed out: "Expanding our presence in East Asia and specifically Japan, has been a strategic priority for Stillfront and we are happy that we have found such a talented team to help us on that journey". "We are very excited to be able to welcome 6Waves to the Stillfront family," said Larsson.
Previously, it was reported that 6Waves requested the sale of Nexon's stake to Stillfront. Nexon agreed, noting that it was yet analyzing the impact of the sale on its first-quarter financial results. Last Thursday, Nexon said it would sell its 34.8% stake in the firm for about $93 million.
Nexon originally made the investment in 6Waves in 2011, attempting to expand in the social gaming field. In a statement to investors, the firm said: "The investment at the time was made with an expectation that the partnership will generate synergy between Six Waves Inc.’s track record in social games and Nexon’s track record in the operations of popular online games and its expertise in the microtransaction model of monetization. Since then, Nexon and Six Waves Inc have not achieved the business results initially expected and the investment came to be positioned as pure investment at Nexon."