이 기사는 2021년 11월 03일 07:51 thebell 에 표출된 기사입니다.

South Korean gaming firm Krafton may use both cash and stock to pay for its acquisition of US video game developer Unknown Worlds Entertainment to minimize its cash outlay.

Krafton, the publisher behind PlayerUnknown’s Battlegrounds, has recently signed a stock purchase agreement with Unknown Worlds Entertainment, the creator of Subnautica, to acquire a 100% stake in the US-based company for about $500 million. The agreement carries earn-out provisions to offer an additional $250 million depending on the US game developer’s future performance.

What is unique in the deal is that Krafton can pay $100 million of the acquisition price of $500 million through payment methods other than cash by February 28, 2022. “The priority is to pay in cash, but we have secured other options like non-cash financial assets to open up possibilities in the future,” an official at Krafton said.

Krafton had cash reserves of 679.6 billion won ($577.9 million) as of the end of June. It secured 4.3 trillion won through a listing in August, of which about 2 trillion won was allocated to acquisitions of shares in other corporations.

The Korean gaming company has enough money on hand to fund the latest acquisition, but also needs to fund its purchase of hypermarket operator Emart’s headquarters in Seongsu-dong, eastern Seoul, worth about 1 trillion won, along with Mirae Asset Global Investments.

Krafton may use its treasury shares in the Unknown Worlds acquisition alongside cash. It owned more than 2.16 million treasury shares as of the end of June, worth approximately 1.04 trillion won based on Monday’s closing price of 478,000 won.

Share swaps can help executives of Unknown Worlds own shares in Krafton. In German food delivery application operator Delivery Hero's acquisition of Woowa Brothers, shares owned by Woowa Brothers' executives were swapped for shares in Delivery Hero.

When Naver acquired Canada-based storytelling platform Wattpad for 684.8 billion won in May, it paid 507.9 billion won in cash and the remaining 176.9 billion won in treasury shares. (Reporting by Choong-hee won)