February 21, 2019 / 10:31 AM / 4 months ago

South Korea tech firms, U.S. PE funds submit bids for Nexon parent: report

Logos of online gaming firm Nexon are seen at its main office building in Seoul December 14, 2011. REUTERS/Kim Hong-Ji/File Photo

SEOUL (Reuters) - South Korean tech firms Netmarble and Kakao as well as U.S. private equity firms Blackstone and Bain Capital submitted initial bids for control of gaming firm Nexon, the Korea Economic Daily said.

Nexon is South Korea’s biggest gaming firm. Netmarble, a mobile gaming firm backed by Chinese tech giant Tencent, partnered with South Korean private equity fund MBK Partners for the bid, the report said on Thursday, citing investment banking sources.

Netmarble and Kakao declined to comment, while Blackstone and Bain Capital were not immediately available for comment.

Reporting by Hyunjoo Jin and Heekyong Yang; Editing by Muralikumar Anantharaman

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