Tencent is buying British game studio Sumo for 1.27 billion
Tencent has announced plans to buy British video game company Sumo Group for 27 27.27 billion. The Chinese tech giant already has an 8.75% stake in the developer, as reported by Gamestory.base, and the offer represents a 43% premium to Sumo’s current price.
Sumo Digital, Sumo’s leading core studio based in Sheffield, England, has done a great deal of work for many big names in gaming. It made Sony’s PlayStation 5 launch title Borya: A great adventure And the core studio behind Microsoft Crackdown 3 For Xbox consoles and PCs. Sumo released in 2017 Snake pass For multiple platforms, the original IP is its first destination.
Sumo CEO Carl Covers said in a statement, “The three founders of Sumo, who work in the business, Paul Porter, Darren Mills and I are passionate about what we do and to continue our roles. “The opportunity to work with Tencent is something we just can’t miss. It will bring another dimension to Sumo, offering us the opportunity to really make our mark on this amazing industry.” Which are already out of reach.
Covers says Tencent has “demonstrated its commitment to the backing” of Sumo’s client’s work as well as its original IP, so things are unlikely to change very quickly. After significant investments in companies such as Epic, Riot, Activation and Ubisoft, the purchase gives Tencent another step forward in the international gaming industry.
“Tencent intends to bring its expertise and resources to accelerate the development of sumo in both the UK and abroad, and supports Sumo in the market for creativity,” said Tencent’s Chief Strategic Officer. , And the UK as a hub for game innovation, “said James Mitchell. “We believe that the proposed transaction benefits all stakeholders, provides a compelling price for Sumo’s shareholders, and increases the Sumo business in the future.”
This will be the second billion-dollar deal this year involving a British game developer. – EA completed its acquisition of the same rescue game expert Code Masters in February for the same price.