NHN (181710.KS) is pursuing the acquisition of cloud company Innogrid.
Industry sources said Sunday that NHN is reviewing the acquisition of Innogrid. NHN is reportedly in discussions to secure the position of largest shareholder in Innogrid. E-Tech System currently holds a 43.8% stake in Innogrid as its largest shareholder.
Simultaneously, Innogrid is pursuing a merger with NHN Inje INC, a subsidiary of NHN Cloud. NHN Inje INC is also a sub-subsidiary of NHN. In terms of ownership structure, NHN holds an 85% stake in its subsidiary NHN Cloud, which in turn holds a 51% stake in its subsidiary NHN Inje INC. Kim Myung-jin, CEO of Innogrid, is expected to lead the merged entity of Innogrid and NHN Inje INC, sources said.
Innogrid maintains a close business relationship with NHN Cloud. The two companies plan to set up a joint booth at "2026 Japan IT Week," which opens Wednesday in Tokyo, to promote their partnership in the Japanese market. Kim Myung-jin, CEO of Innogrid, and Kim Dong-hun, CEO of NHN Cloud, are also known to share a close personal relationship, sources said.