SEOUL, South Korea, Sept. 28, 2010 (GLOBE NEWSWIRE) -- GRAVITY Co., Ltd. (Nasdaq:GRVY) ("Gravity" or "Company"), an online game developer and publisher based in South Korea, today announced that it signed an agreement on September 28, 2010 to acquire a 50.8% equity interest in Barunson Interactive Co., Ltd. ("Barunson Interactive"), an online game developer based in Korea. The purchase price is KRW 11,688 million (approximately US$10,126 thousand). The closing of transaction is expected to occur on or about October 25, 2010 subject to customary closing condition. Upon closing of the purchase of the shares, Gravity will acquire control over the management of Barunson Interactive and will be in a position to appoint the majority of the board of directors of Barunson Interactive. Gravity announced that the purpose of the transaction is to strengthen its online game development capabilities and secure quality online game line up.

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