Korean mobile messaging operator and game publisher Kakao is merging with Korean Internet portal Daum, the companies have announced.
Kakao will acquire three-quarters of the merged company in the reverse takeover. Daum Kakao will be reportedly worth circa 3.1 trillion KRW (US$3.03 billion) and become the second largest firm listed on Korea’s KOSDAQ exchange.
The merger is expected to be completed by 1 October, with Kakao’s 600 employees in Korea joining Daum’s staff of 2,600.
Kakao recently announced that the company’s popular mobile messaging and app distribution platform Kakao Talk has registered more than 500 million downloads and over 145 million MAUs on iOS and Android devices worldwide.
Last July the Korean mobile publisher revealed that the Kakao game platform had acquired over 30 million registered players, with titles like Anipang and Dragon Flight for Kakao generating more than 20 million downloads.
