• SpinX boasts casino game mobile apps like Cash Frenzy
• Tencent holds a 17.5% stake in the South Korean game company
South Korean game developer Netmarble announced on Monday that it had agreed to buy 100% of Hong Kong-based social casino game company SpinX Games for $2.19 billion.
Netmarble acquired SpinX through its holding company based in the Cayman Islands, in an effort to diversify its game portfolios and strengthen global business competitiveness, it said in a regulatory filing.
SpinX, established in 2014, offers casino game mobile apps such as Cash Frenzy and reported 328.9 billion won ($285.99 million) in revenue at the end pf the second quarter this year, ranking third out of firms in the global mobile social casino genre, Netmarble said.
Netmarble is backed by Tencent, which holds a 17.5% stake in the South Korean game company, the third-largest stake after those of founder Bang Jun-hyuk and CJ ENM.
- Reporting by Reuters