Local game maker Nexon sold all of its NCsoft stake on Friday, according to its regulatory filing. The nation's two largest game makers merged earlier in an attempt to buy American game firm Electronic Arts but after their efforts ended up being a failure, they continued to have management struggle.
Nexon, whose headquarters is located in Japan, sold all of its NCsoft stake – 15.08 percent (3.3 million shares) - through a block-deal off-hour block trading on the day. The total figure was 600 billion won with price per share standing at 183,000 won.
Following the sell-off, NCsoft chief Kim Taek-Jin's stake has increased from current 10 percent to 12 percent, by acquiring additional 440,000 shares. Nexon bought NCsoft's 14.68 percent stake in 2012 per 250,000 won and bought an additional 0.4 percent stake in October of last year.
After failing to acquire the American firm, the two local game makers continued to have management struggle and eventually decided to go their own ways.
