Chinese internet giant Tencent agreed to acquire UK-based gaming studio Sumo Digital for £919 million, as it furthers efforts to boost its position in the global market.
In a statement to shareholders, Tencent CSO James Mitchell explained the takeover represented an evolution from its investment into the studio since 2019, and the company planned to use its expertise and resources to accelerate Sumo Digital’s growth in the UK and abroad.
Mitchell said the move will also support the country “as a hub for game innovation”.
Carl Cavers, chief of Sumo Digital’s parent company Sumo Group, described the deal with Tencent as “in the best interests of everyone connected to the business”.
The executive highlighted the Chinese company’s commitment to support the studio’s projects with “key strategic partners” to “break new ground and create even more fantastic games”.
Some of the titles developed by Sumo Digital include Sackboy: A Big Adventure and Team Sonic Racing, a spin-off from Sega’s Sonic the Hedgehog series.
Tencent is the owner of Riot Games, developer of League of Legends, and owns a majority stake in Finland-based mobile game maker Supercell which is famous for developing popular titles including Clash of Clans and Brawl Stars. It also holds a minority stake in Fortnite owner Epic Games.
Earlier this month, Tencent was forced to call off a merger of gaming platforms Huya and DouYu [1], after opposition from the State Administration of Market Regulation in China.
[1] https://www.mobileworldlive.com/asia/asia-news/tencent-drops-gaming-merger
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