BEIJING - China's Tencent Holdings Ltd said on Wednesday it was buying a 28 percent stake in South Korean mobile gaming firm CJ Game for $500 million.
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Tencent will buy a mix of existing and newly issued common stock, the company said in a statement to the Hong Kong Exchange, making it the third-largest investor in CJ Games after Bang JH and CJ E&M Corp.
CJ Games will also acquire and merge Netmarble, a game distribution division of CJ E&M, the statement said.
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