MeTooOn shares soared in early trading following news of its acquisition by Kakao Games.
According to the Korea Exchange, as of 9:39 a.m. on September 16, MeTooOn's stock was trading at 3,840 won, up 885 won (29.95%) from the previous trading day.
Kakao Games held a board meeting the day before, deciding to acquire a 39.56% stake in MeTooOn for approximately 98 billion won. Once the transaction is completed, Kakao Games will become the largest shareholder of MeTooOn, securing management control.
Founded in 2010, MeTooOn is a gaming company focused on social casino and casual games. It was listed on the KOSDAQ in 2016 and reported revenues of 120.9 billion won and an operating profit of 12.6 billion won last year, with over 80% of its revenue coming from overseas.
MeTooOn is targeting international markets in Asia, North America, and Europe through its subsidiaries. In addition to its gaming business, it is expanding into content areas such as dramas, webtoons, and web novels.
Kakao Games plans to enhance its global competitiveness by securing MeTooOn's game pipeline, which includes social casino, casual games, and mind sports. The company also aims to expand MeTooOn's intellectual property (IP) and pursue joint development with studios in China.
This acquisition is notable as it marks the first merger and acquisition (M&A) initiative since the establishment of the joint leadership of co-CEOs Kim Tae-hwan and Lee Si-woo, targeting companies with proven business performance and profitability.
* This article has been translated by AI.
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