The acquisition price is around 500 billion won
[금융경제=권경희기자] NXC (Nexon holding company) CEO Kim Jeong-joo (pictured), the founder of Korea’s largest game company Nexon, is pushing for the acquisition of Bithumb, the largest virtual currency exchange in Korea.
According to the investment banking (IB) industry on the 7th, Nexon founder Kim Jeong-joo (pictured), CEO of NXC, is considering the acquisition of Bithumb, a domestic cryptocurrency exchange. Founded in 2014, Bithumb reached 5 million cumulative subscribers as of the third quarter of last year. The acquisition price is known to be around 500 billion won. When the transaction is successful, NXC will acquire more than 60% of Bithumb’s total stake.
Earlier, Bithumb selected Samjung KPMG as the sales organizer and started the sale in August of last year. In the preliminary bidding held in September last year, domestic and foreign private equity fund (PEF) managers, financial investors (FI), and strategic investors (SI) bid. However, as Bithumb’s largest shareholder Lee Jung-hoon, Chairman of the Board of Directors of Bithumb, was investigated for fraud, the sale was sluggish. However, it is known that the sale of the cryptocurrency market revived as the situation changed.
CEO Kim has been interested in acquiring a cryptocurrency exchange since several years ago. In 2016, NXC secured a 62.68% stake in Corbit, a cryptocurrency exchange. In 2018, it also acquired Bitstamp, Europe’s largest cryptocurrency exchange. At the end of 2018, through a subsidiary of NXC, it invested in Tagami, an American cryptocurrency trading agency.
CEO Kim established ARQUES as a subsidiary in February of last year. The company aims to provide “financial services that anyone can easily invest and trade in (financial) assets.” Aquis is developing a platform to invest in various financial assets, including cryptocurrency.
An official familiar with Nexon’s situation said, “(CEO Kim) has brought great interest in areas where global business can be done outside Korea, China, and Japan.” In the industry, NXC is expected to take over Bithumb along with Bident, a major shareholder who owns a 10% stake in Bithumb. The acquisition price is said to be around 500 billion won.
NXC neither affirms nor denies about Bithumb’s acquisition promotion. An official from NXC said, “There is no fact that can be officially confirmed at this time.”
Reporter Kwon Kyung-hee [email protected]
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