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Japanese pay $115 million for Gravity

Sept. 1, 2005 at 1:45 PM

SEOL, South Korea, Sept. 1 (UPI) -- Japan's SoftBank company paid $115 million for control of South Korean electronic game company Gravity.

Gravity's chairman, Kim Jung-ryool, sold all of the 3.64 million shares, or 52.4 percent, he and his family owned to an investment affiliate of SoftBank, Chosun Ilbo reported Thursday.

The Japanese company offered to buy Gravity at the price that is three or four times higher than its current value, analysts said.

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