LY Corp to become largest shareholder of Kakao Games in $216M deal

LY Corp is set to become the largest shareholder of Kakao Games (293490) through an investment of approximately 300 billion won ($216 million), the Seoul Economic Daily reported. The current top shareholder, Kakao, will become the second-largest shareholder. Kakao Games announced on March 25 that it is pursuing a strategic investment and a restructuring of its shareholding to accelerate its global market expansion and strengthen future growth engines.