Kakao Games (293490.KQ) will see its largest shareholder change from Kakao to Japan's LY Corporation, the operator of the Line messaging app and Yahoo Japan. The ownership restructuring is expected to provide Kakao Games with approximately 300 billion won ($210 million) in fresh capital, accelerating the company's expansion beyond the domestic market into global gaming.
Kakao Games disclosed Sunday that LAAA Investment, an investment vehicle funded by LY Corporation, will acquire a portion of its shares and participate in a 240 billion won third-party allotment capital increase of 17,458,354 new shares as well as a 60 billion won convertible bond issuance.
