By Carrie Chen
HONG KONG (Feb 14) -- A unit of Tencent Holdings agreed to invest 50 billion South Korean won ($46.4 million) in KaKao Games, a unit of Seoul-listed internet services major KaKao, the South Korean company said in an exchange filing on Wednesday.
Aceville, a unit of Hong Kong-listed social media and gaming major Tencent, was among a group of investors that agreed to subscribe to new KaKao Games shares worth a total 140 billion won, the filing showed.
A Tencent spokesman confirmed the company's investment in an emailed response to queries, saying the transaction allows the company to "capture the potential growth" of KaKao Games in the domestic and overseas games market.
"It can also facilitate our cooperation with KaKao Games in licensing their intellectual property games titles into China," the spokesman added.
Tencent shares climbed 2.7% in Hong Kong trading on Wednesday. KaKao shares advanced 2.9% in Seoul.
- By Carrie Chen; Carrie.Chen@nikkeinewsrise.com; +852 3960 5150
- Edited by V. Phani Kumar
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