Latest news with #Kakao
Korea Herald
a day ago
- Business
- Korea Herald
Tencent says 'no deal' to Nexon, Kakao Mobility stake rumors
In rare public denial, Chinese tech giant refutes reports of new Korean deals after years of increasing stakes in local firms Chinese tech giant Tencent denied reports Thursday that it was considering acquiring stakes in Korean firms Nexon and Kakao Mobility, dismissing speculation surrounding its potential investment moves. According to Reuters, Tencent said claims about its interest in purchasing shares in Korean game giant Nexon and Kakao's mobility unit were 'untrue,' following media reports that suggested the company was seeking to expand its footprint in Korea's IT and mobility sectors. The rebuttal comes after a local news outlet reported that Tencent was in talks to acquire around 40 percent of Kakao Mobility's shares held by financial investors, including private equity firm TPG (29 percent), Carlyle Group (6.17 percent), LG (2.46 percent) and Google (1.52 percent). Kakao is the largest shareholder with a 57.2 percent stake. Industry sources said TPG and other financial investors have been engaged in discussions with potential buyers such as the VIG consortium, which includes Mubadala and Goldman Sachs, regarding the sale of their shares. The report that Tencent had also expressed interest in Kakao Mobility added fuel to speculation over multiple suitors. Separately, Bloomberg reported last week that Tencent was considering acquiring Nexon shares worth $15 billion from its holding company NXC and had been in contact with the family of the late Nexon founder Kim Jung-ju. The report suggested Tencent aimed to strengthen its presence in the global gaming market. Neither Kakao Mobility nor NXC have issued official statements in response to the reports. TPG is reportedly exploring options with various investors regarding the sale of its Kakao Mobility stake, but sources said the talks remain at a preliminary stage and do not involve any intent to secure management control. Tencent previously showed interest in acquiring Nexon during a 2019 bidding process but did not participate in the main auction. Some sources suggest that Tencent may continue its efforts to pursue an acquisition of the Korean firms. Tencent has a history of investing in Kakao and its affiliates. Since making its initial investment in Kakao in 2012, the Chinese tech giant has acquired stakes in Kakao Games and Kakao Entertainment. It currently holds a 5.95 percent stake in Kakao. Meanwhile, Tencent's music streaming arm, Tencent Music Entertainment Group, recently acquired a 9.38 percent stake in SM Entertainment from Hybe through a block deal valued at 240 billion won ($174 million). It makes Tencent the second-largest shareholder of SM, following Kakao and Kakao Entertainment's combined 41.5 percent stake. yeeun@
CNA
2 days ago
- Business
- CNA
Tencent says reports of its interest in Nexon, Kakao's mobility unit are untrue
SHANGHAI :Tencent said reports that it is studying deals for Nexon and Kakao's mobility unit are untrue. The Korea Economic Daily reported on Wednesday that Tencent was interested in buying a 40 per cent stake in Kakao's mobility unit from financial investors. Bloomberg reported last week that Tencent was studying a deal for $15 billion South Korean game developer Nexon.
Reuters
2 days ago
- Business
- Reuters
Tencent says reports of its interest in Nexon, Kakao's mobility unit are untrue
SHANGHAI, June 18 (Reuters) - Tencent said reports that it is studying deals for Nexon (3659.T), opens new tab and Kakao's ( opens new tab mobility unit are untrue. The Korea Economic Daily reported on Wednesday that Tencent was interested in buying a 40% stake in Kakao's mobility unit from financial investors. Bloomberg reported last week that Tencent was studying a deal for $15 billion South Korean game developer Nexon.
Mint
2 days ago
- Business
- Mint
South Korean shares climb as tech rally revives on AI, crypto optimism
KOSPI rises, foreigners net buyers Korean won strengthens against dollar South Korea benchmark bond yield steady SEOUL, - Round-up of South Korean financial markets: ** South Korean shares rose on Wednesday, led by a renewed rally across tech firms amid policy optimism over artificial intelligence and cryptocurrencies, while broader market sentiment was on geopolitical tensions in the Middle East. ** The benchmark KOSPI was up 20.55 points, or 0.70%, at 2,970.85, as of 0222 GMT. ** Search engine Naver surged 15.25% and instant messenger Kakao jumped 6.37%. ** The technology sector resumed a rally seen earlier this week after President Lee Jae Myung, who has pledged to increase investment in AI, on Monday appointed Ha Jung-woo — head of the Future AI Centre at Naver, South Korea's leading web portal — as his first AI secretary. ** "A U.S. bill on stable coins also boosted investor sentiment around the sector," said Huh Jae-hwan, an analyst at Eugene Investment Securities, referring to what is dubbed the GENIUS Act. ** Still, concerns over escalating hostilities in the Middle East remained at the forefront of market sentiment. ** U.S. President Donald Trump called on Tuesday for Iran's unconditional surrender and warned U.S. patience was wearing thin, but said there was no intention to kill Iran's leader "for now", as the Israel-Iran air war entered a sixth day. ** Among other index heavyweights, South Korean chipmaker Samsung Electronics rose 2.07%, while peer SK Hynix lost 0.10%. Battery maker LG Energy Solution slid 0.34%. ** Hyundai Motor and sister automaker Kia Corp were down 0.37% and 0.95%, respectively. Steelmaker POSCO Holdings added 0.19%, while drugmaker Samsung BioLogics fell 0.50%. ** Of the total 935 traded issues, 469 shares advanced and 401 declined. ** Foreigners were net buyers of shares worth 81.0 billion won . ** The won was quoted at 1,372.4 per dollar on the onshore settlement platform, 0.12% higher than its previous close at 1,374.0. ** In money and debt markets, September futures on three-year treasury bonds lost 0.01 point to 107.20. ** The most liquid three-year Korean treasury bond yield rose by 0.5 basis point to 2.454%, while the benchmark 10-year yield rose 0.5 basis point to 2.863%. This article was generated from an automated news agency feed without modifications to text.
Korea Herald
13-06-2025
- Business
- Korea Herald
Kakao to build W600b data center in Namyangju
South Korean internet giant Kakao announced Friday that it would build a 600 billion won ($438.9 million) data center in Namyangju, Gyeonggi Province, marking a major investment aimed at expanding its AI infrastructure. The agreement was formalized during a memorandum of understanding signing ceremony held at the Gyeonggi Provincial Government office, attended by Kakao CEO Chung Shin-a, Gyeonggi Province Gov. Kim Dong-yeon and other officials. Under the MOU, Kakao will invest approximately 600 billion won to construct the AI-based data center, dubbed "Digital Hub" within the Wangsuk New Town. The project marks the company's second data center following its first facility in Ansan, Gyeonggi Province, which was completed last year. Spanning a planned floor area of 92,000 square meters, the Digital Hub will feature high-density server infrastructure optimized for artificial intelligence and next-generation technologies. Construction is scheduled to begin in 2026 with completion targeted for 2029. The facility will incorporate renewable energy sources and environmentally friendly design principles to maximize energy efficiency. Kakao emphasized that the project will strengthen service stability and support the nationwide rollout of AI services accessible to all users. The company also plans to engage in community partnerships by prioritizing local hiring and launching initiatives that assist small businesses in digital transformation and market expansion. 'This 'Digital Hub' will be the backbone of our vision to make AI part of everyday life,' said Kakao CEO Chung Shin-a. 'We're committed to growing together with the Namyangju community through sustainable and inclusive innovation.'
