The tech giant Tencent agrees to buy video game maker Sumo Group for $1.27 billion.
The Chinese firm is offering around 513 pence per share for Sumo, a 43% premium to the British company’s previous close. On a fully diluted basis, the offer values Sumo at about 919 million pounds ($1.26 billion).
The non-executive chairman of Sumo Ian Livingstone said:
“The Board of Sumo firmly believes the business will benefit from Tencent’s broad video gaming eco-system, proven industry expertise and its strategic resources.”
One of the world’s largest gaming company, Tencent stakes in huge gaming company’s like Riot Games and Epic Games Inc.
Sumo group creates games for other publishers which includes Apple Inc.’s Arcade service.
Other clients and partners include Xbox Game Studios, Electronic Arts Inc., Activision Blizzard Inc. and Ubisoft Entertainment SA, according to its website.
About Tencent
It is a Chinese multinational technology conglomerate holding company found in the year 1998, the company is headquartered in china, the company provides internet related services which includes artificial intelligence and other technology.
The company also provides services in social network, music, web portals, e-commerce, mobile games, payment systems, internet services, smartphones, and multiplayer online games.
About Sumo Group
It is a Video game holding company based in England found in the year 2017, It is one of the UK’s largest providers of end-to-end creative development and co-development services to the video games and entertainment industries.
The company’s main focus is to make highly innovative games for the most prestigious publishers in the world.
