[Alpha Biz= Kim Jisun] SEOUL, June 30, 2025 – SK Planet and Wemade have mutually agreed to end their strategic partnership to better focus on their respective core businesses.
According to a disclosure filed with the Financial Supervisory Service, Wemade repaid approximately KRW 22.2 billion (principal and interest) in convertible bonds (CBs) held by SK Planet ahead of schedule. The original maturity date was September 22, 2028.
Concurrently, SK Planet repurchased all of its shares (approximately 12.39%) previously held by Wemade and its subsidiary Electric IP, effectively unwinding all cross-shareholdings between the two companies.
The two firms initially entered into a strategic alliance in September 2023, involving mutual investments: SK Planet acquired KRW 20 billion in CBs issued by Wemade and a 1.27% stake held by Wemade Chairman Kwan-Ho Park. In turn, Wemade and Electric IP acquired a 12.39% stake in SK Planet from SK Square.
SK Planet still holds a 1.27% stake in Wemade, which it plans to evaluate and dispose of at a later time.
The early repayment was not the result of a put option, which had been included in the original agreement to trigger in case of legal disputes involving Wemade. Both companies clarified that the recent hacking incident affecting Wemix wallets did not meet the conditions for put option activation. Instead, the repayment was made by mutual agreement.
Going forward, SK Planet will focus on enhancing its OK Cashback platform, while Wemade continues its game development and global platform expansion efforts.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
