Kakao Games buys control of Me2on for $71.5m to lift overseas revenue past 20%
Summary
Kakao Games' board approved a 39.56% stake in Me2on for ₩98 billion ($71.5m) on September 15, 2026.
The deal closes November 16 and values Me2on at roughly $181m.
Me2on drew over 80% of its $88.2m 2025 revenue from overseas, against Kakao Games' 20% overseas share.
It is Kakao Games' first major M&A under new management, after LY Corporation's $198m stake earlier this year.
"We will create synergies in multiple ways, not only through expansion into the diverse IP content areas held by Me2on but also through joint development with studios in China."
01
Kakao Games buys control at a $181m valuation
The 39.56% stake purchase closes November 16, making Kakao Games Me2on's largest shareholder.
The $71.5m price implies a $181m valuation for Me2on.
Me2on posted $9.2m operating profit on $88.2m revenue last year.
This is a profitable acquisition target.
02
Me2on's overseas mix targets Kakao Games' revenue imbalance
Me2on drew over 80% of revenue overseas last year, against Kakao Games' 20%.
Kakao Games gains social casino, casual and mind sports genres it does not operate at scale.
Me2on's global publishing network opens a distribution channel for future Kakao titles outside Korea.
Subsidiary Ghost Studio runs BoriChat, an AI character chat platform, extending the deal beyond games.
03
Deal follows LY Corp's capital injection and a pivot to M&A-led growth
The purchase follows Kakao Games raising $218.8m during a shareholder transition this year.
In that transition, LY Corporation invested $198m to become largest shareholder.
This is the first M&A under new management, marking a shift toward acquisition-led growth.
Kakao Games is shutting down Eversoul after three years, freeing resources toward Me2on's profitable business.
"We will continue pursuing M&A for Kakao Games' future."
What this means
For Publishers & Developers: Me2on's 80% overseas mix hands Kakao Games a ready global publishing channel for Korean titles.
For Investors & VC: Kakao Games signals sustained M&A appetite, with LY's $198m backing funding profitable, overseas-weighted targets.
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