Japanese tech firm Line Corp acquires controlling stake in NextFloor
Merger will enable “enhancement of management efficiency and fortification of business capabilities”
Casting its eye toward console, Japanese tech firm Line Corp has announced a merger with Korean mobile developer NextFloor.
The merger will see Line Corp subsidiary Line Games expand its business to include a global games arm for both mobile and the Nintendo Switch.
Following closure of the deal, Line now owns a 51 per cent stake in NextFloor; the merger will see NextFloor re-branded to fit with its new parent company.
Minkyu Kim will serve as CEO of Lines Games and Eunseon Hwang will remain CEO of NextFloor
According to Line Games, the deal will enable the "enhancement of management efficiency and fortification of business capabilities".
The firm has now revealed plans to work in a "diverse range of areas including game publishing and development through the merger".
Founded in 2012, NextFloor's first project was Dragon Flight which enjoyed considerable success early on; released in South Korea on Google Play, the game peaked at $1 million daily revenue and 14 million downloads.
Meanwhile, Line Corp's leading product is Line, a mobile messaging platform popular in Asia. In a statement, it promised to "continue stable operation of the titles" currently in the NextFloor portfolio.