Chinese conglomerate Tencent has announced to acquire British video game company Sumo Group for $1.27 billion in an all-cash deal.
Sumo has developed Sony’s PlayStation 5 launch title ‘Sackboy: A Big Adventure’ and Microsoft’s ‘Crackdown 3’ for Xbox consoles and PC.
Tencent already has a 8.75 percent stake in Sumo, reports gamesindustry.biz.
“The three founders of Sumo, who work in the business, Paul Porter, Darren Mills and I are passionate about what we do and are fully committed to continuing in our roles,” Sumo CEO Carl Cavers said in a statement.
“The opportunity to work with Tencent is one we just couldn’t miss. It would bring another dimension to Sumo, presenting opportunities for us to truly stamp our mark on this amazing industry, in ways which have previously been out-of-reach,” he added.
Sumo is the latest UK-based game company to be acquired for over $1 billion, after EA’s acquisition of F1 developer Codemasters earlier this year.
“Tencent is proud to have been an investor in Sumo since 2019, and we view the proposed combination as an evolution of our partnership. Tencent is a committed investor in the game industry, with a track record of supporting the growth of game studios around the world,” said James Mitchell, Tencent’s Chief Strategy Officer.
“Tencent intends to bring its expertise and resources to accelerate the growth of Sumo both in the UK and abroad, supporting Sumo in the market for top-notch creative talent, and the UK as a hub for game innovation,” the company added.
–IANS
na/
(Only the headline and picture of this report may have been reworked by the PRESS24 NEWS staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
PRESS24 NEWS has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to PRESS24 NEWS.
Digital Editor
Disclaimer: This post has been auto-published from an agency/news feed without any modifications to the text and has not been reviewed by an editor.
Source link
