HONG KONG: Savvy Games Group, a Riyadh-based gaming firm owned by Saudi Arabia’s Public Investment Fund, has acquired Shanghai Moonton Technology — the studio behind hit mobile game Mobile Legends: Bang Bang — from China’s ByteDance, the companies announced on Friday.
The deal values Moonton at more than $6 billion, according to a person with knowledge of the matter, though no financial details were officially disclosed.
Reuters reported in February that tech company ByteDance 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 that according to its website is pursuing growth through acquisitions, investments and commercial ventures.
VIDEO GAME INDUSTRY IN CONSOLIDATION
