This article is from: srnnews.com
HONG KONG, March 20 (Reuters) – Chinese tech company ByteDance said on Friday it has agreed to sell Shanghai Moonton Technology, the studio behind the popular mobile game Mobile Legends: Bang Bang, to a Riyadh-based gaming firm owned by Saudi Arabia’s Public Investment Fund (PIF).
It did not disclose any financial details but a person with knowledge of the matter said the transaction values Moonton at more than $6 billion.
Reuters reported in February that the company was in advanced talks to sell the business to Savvy Games Group in a deal valued at between $6 billion and $7 billion.
Savvy, owned by Saudi Arabia’s sovereign wealth fund, the PIF, is a global games and e-sports company pursuing growth through acquisitions, investments and commercial ventures, its website says.
Japan’s Nikkei newspaper first reported the agreement on Friday.
(Reporting by Kane Wu; Writing by Miyoung Kim; Editing by Emelia Sithole-Matarise)
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