Game developer Nexon says it will sell Six Waves to Stillfront for $93 million

TOKYO - Japanese-South Korean game developer Nexon Co said on Thursday it would sell its 34.8% stake in Six Waves Inc to Sweden-based Stillfront Group AB for about $93 million, sending its shares up 6% in Tokyo trade.

Nexon made the investment in mobile game publisher Six Waves in 2011, aiming to expand in the social gaming field.

"Since then, Nexon and Six Waves Inc have not achieved the business results initially expected and the investment came to be positioned as pure investment at Nexon," it said in a statement.

Six Waves requested the sale of Nexon's stake to Stillfront, and Nexon agreed, it said, adding that it was still analysing the impact of the sale on its first-quarter financial results.