Davis Polk & Wardwell LLP is advising Webzen, Inc. on its merger with NHN Games Co., Inc., where NHN Games will be merged with and into Webzen pursuant to which NHN Games will cease to exist and Webzen will be the sole surviving entity. 1.57262712 common shares of Webzen will be issued for each outstanding common share of NHN Games. The transaction, which is expected to close by end of July 2010, is subject to approval by each company’s stockholders and the satisfaction of customary closing conditions and regulatory approvals.
Webzen is a developer and service provider of massively multiplayer online games. It is known for its massive multi-player online role-playing games called “MU” and “SUN.” Webzen is listed on the Nasdaq National Market under the symbol “WZEN” and is also listed on KOSDAQ.
NHN Games is a private company established in Korea in 2004 by NHN Corp., the largest diversified Internet service provider in Korea. NHN Games is a leading developer and service provider of massively multiplayer online games and is engaged in the business of developing and distributing online games, licensing software and other related services. NHN Games has developed and provides online games such as “C9,” “Archlord” and “R2.” NHN Games is the largest and controlling shareholder of Webzen.
The Davis Polk corporate team includes partners Eugene C. Gregor and Kirtee Kapoor and associates Richard (Sukjoon) Lee, Miranda So and Tae-Hun Kim. The legal assistant on the transaction is Ji-Hee Shin. Members of the Davis Polk team are based in the Hong Kong and Tokyo offices.
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