Naver sells its 9.54 percent stake in NHN EntertainmentNaver announced it was selling all of its 9.54 percent stake in NHN Entertainment.
The board of the nation’s leading web portal company met on Tuesday and decided to sell its shares to NHN Entertainment Chairman Lee Joon-ho.
As a result, Lee will be the largest stakeholder of the online game developer with a 13.28 percent stake.
Lee also bought 3.64 percent stake owned by Naver Chairman and CEO Lee Hae-jin.
It was reported earlier that NHN Entertainment’s chairman was planning on buying all of the stake owned by Naver’s chairman.
As a result, NHN Entertainment Chairman Lee’s stake in the company expanded to 16.92 percent.