Ourpalm spends $170 million to become the largest shareholder in Webzen

Chinese mobile game publisher Ourpalm (SHE: 300315) has announced it's buying a 19.24% stake in Korea PC publisher Webzen (KOSDAQ:069080).

It's spending $170 million (RMB 1.1 billion), becoming Webzen's largest shareholder in the process.

Going global

The move is part of Ourpalm's global expansion, which saw it investing $2.3 million in Australian-floated publisher Animoca Brands.

It's also invested extensively in Chinese content creators.

Focused on PC MMOGs, Webzen is now moving into mobile, although its recent performance hasn't been sparkling.

It's best known for MMORPG Soul of the Ultimate Nation and FPS Huxley.