GungHo to acquire Gravity majority

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TOKYO-- Japan's GungHo Online Entertainment Inc. said on Thursday it would take a 52.4% stake in South Korean game maker Gravity Co. Ltd. to boost its development and marketing strength.

GungHo in April will allocate 24,308 new shares to unlisted Japanese investment firm Heartis Inc., boosting its total shares outstanding by 27%.

In return, GungHo is set to acquire the 52.4% stake in Nasdaq-listed Gravity from Heartis.

The value of the Gravity stake is estimated at about 4 billion yen ($37 million), GungHo said.
The Tokyo-based company currently distributes Gravity's popular role-playing online game, Ragnarok, in Japan.
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