LAAA Investment (backed by LY Corp.) acquires 33.43% of Kakao Games for KRW 488.9bn
- Deal value
- $337m
- Stake
- 33.43%
- Implied 100%
- $1.0bn
- Revenue
- $321m
- Op. income
- -$27m
- Multiples
- PSR 3.1x
Deal value ÷ stake (structure unconfirmed)
2025 연결 · DART-verified
2025 연결 · DART-verified
On implied equity value
DART 20260318001659
- Target
- Kakao Games · Game publishing and development
- Buyer
- LAAA Investment (backed by LY Corp.) · SI
- Seller
- Kakao Corp. (existing shares) / Kakao Games (new shares)
- Structure
- —
- Announced
- Mar 24, 2026
- Closed
- Jun 19, 2026
- Stage
- Closed
Target
Kakao Games is a KOSDAQ-listed game publisher and developer within the Kakao group (titles include Odin: Valhalla Rising) with both development subsidiaries and publishing capabilities; 2025 revenue was KRW 465bn (down 25.9%) with its first-ever operating loss of KRW 36.9bn.
Deal rationale
LAAA Investment, a vehicle funded by LY Corp (LINE Yahoo) via Petrichor No. 6 PEF, bought part of Kakao's stake and subscribed to a KRW 240bn third-party placement (17,458,354 shares at KRW 13,747) and KRW 60bn of convertible bonds, becoming the 33.43% largest shareholder on 19 June 2026 while Kakao fell from 37.93% to 14.68%. Kakao Games called the deal 'an important turning point that raises our global competitiveness and lays a sustainable growth base,' planning to deploy about KRW 300bn in global business. Kakao said it would reinvest part of the proceeds as a 'co-supporter' and wrote employment protection into the contract; Hankyung interpreted the move as Kakao's 'select and focus' shift to AI and KakaoTalk and LY's content-acquisition strategy.
| Revenue | $321m |
| Operating income | -$27m |
| EBITDA | — |
| Net income | — |
2025 연결 · DART-verified · 20260318001659
Press coverage
- KED Global (2026-03-25): “is poised to become the largest shareholder of Kakao Games Corp.”
- 헤럴드경제 (2026-06-19): “카카오게임즈의 2400억원 규모 제3자배정 유상증자 및 600억원 규모의 전환사채(CB) 발행”
- 한국경제 (2026-06-22): “기존 최대주주였던 카카오는 지분율이 37.93%에서 14.68%로 낮아졌다.”
- 한국경제(회사 보도자료) (2026-03-25): “LAAA 인베스트먼트는 카카오로부터 카카오게임즈 지분 일부를 인수하고, 카카오게임즈가 발행하는 신주 및 전환사채 인수에도 참여할 예정이다.”
- 헤럴드경제 (2026-03-24): “카카오는 이번 계약에 있어 임직원의 고용 안정과 기존 근로조건의 승계를 명문화했다.”
- 한국경제 (2026-03-25): “AI와 카카오톡 중심 플랫폼 사업으로 무게중심을 옮기려는 카카오의 ‘선택과 집중’ 전략”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.