Ourpalm to Buy 19% Stake in Korean Gaming Firm Webzen

Ourpalm, 3/08/16

Beijing-based mobile game developer Ourpalm (300315.SZ) recently announced that it will spend RMB 1.10 bln to purchase a 19.24% stake in South Korean game developer and operator Webzen, in order to support its overseas expansion strategy. Ourpalm will be Webzen's second-largest shareholder following the transaction.

Webzen, established in April 2000 in Seoul, listed on the KRX-KOSDAQ stock exchange in 2003 and currently has 11 subsidiaries and more than 500 staff. It specializes in PC and mobile game development and distribution, including 3D massively multiplayer online role-playing game Soul of the Ultimate Nation (SUN) and multiplayer first-person shooter Huxley. Webzen also licenses its intellectual property worldwide and operates online game platform webzen.com.

Keywords: mobile gaming online gaming M&A overseas South Korea Soul of the Ultimate Nation wireless Huxley Webzen Ourpalm 300315.SZ

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