Business / Gadgets

Tencent to buy $500m stake in Korea mobile gaming firm

(Agencies) Updated: 2014-03-26 17:52

BEIJING - China's Tencent Holdings Ltd said on Wednesday it was buying a 28 percent stake in South Korean mobile gaming firm CJ Game for $500 million.

Tencent to buy $500m stake in Korea mobile gaming firm

Tencent expected to invest in Dianping

The purchase will help Tencent, China's biggest listed Internet company, expand its profitable online and mobile gaming business and grow its presence abroad. CJ Games is an online and mobile games developer and publisher.

Tencent will buy a mix of existing and newly issued common stock, the company said in a statement to the Hong Kong Exchange, making it the third-largest investor in CJ Games after Bang JH and CJ E&M Corp.

CJ Games will also acquire and merge Netmarble, a game distribution division of CJ E&M, the statement said.

Hot Topics

Editor's Picks