World’s Biggest Video Game Company Tencent Gets Even Bigger
Tencent will buy UK video game producer Sumo Group, furthering its current reign over the video games sector.
The Chinese gaming giant will offer $9.55 a share, 43 per cent more than the British company was trading for at the close of yesterday’s markets.
Sumo creates games for various third-party companies, including Apple, Xbox Game Studios, Activision Blizzard, Electronic Arts, and Ubisoft.
This purchase comes on the heels of a number of gaming investments by Tencent, as they quickly increase their marketshare. In recent months, Tencent has bought into Epic Games, and Riot Games.
“The business will benefit from Tencent’s broad video gaming ecosystem, proven industry expertise and its strategic resources, which will help secure and further the aspirations and long-term success of Sumo,” Ian Livingstone, non-executive chairman of Sumo, said in a statement.