[Market Focus] Kakao Games Surges Over 8% on News of Sale to LY Corporation (Line Yahoo)
Kakao Games is surging on news that it will be sold to LY Corporation (Line Yahoo).
As of 9:22 a.m. on March 25, Kakao Games was trading at 15,110 won, up 1,120 won (8.01%) from the previous day.
On this day, Kakao Games announced that LAAA Investment, a private equity fund (PEF) established for investment purposes by LY Corporation (Line Yahoo), will acquire a portion of the shares held by the largest shareholder Kakao (37.6% stake), and will also participate in the subscription of newly issued shares and convertible bonds to be issued by Kakao Games.
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Once the transaction is completed in May, LAAA Investment will become the largest shareholder of Kakao Games, while Kakao, the previous largest shareholder, will step down to become the second-largest shareholder.
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