Japanese-South Korean game developer Nexon Co will sell its stake in Six Waves Inc to Sweden-based Stillfront Group AB for about $93 million.
Nexon currently owns 34.8% of mobile game publisher Six Waves, Reuters reports.
Nexon made the investment in Six Waves in 2011.
Nexon is selling off its stake in Six Waves because the duo have not achieved the business results initially expected.
Six Waves requested the sale of Nexon’s stake to Stillfront, and Nexon agreed, according to Reuters.
Nexon is analysing the impact of the sale on its first-quarter financial results.