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Tencent buys SUMO – British videogame developer

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Tencent buys SUMO

Tencent buys SUMO for £919 million.

The deal combines Sumo’s games portfolio with Tencent’s better-known games.

Tencent is one of the largest video game publishers in the world and owns a stake in two popular Battle Royale games: Fortnite and PlayerUnknown’s Battlegrounds (PubG).

Sheffield-based Sumo, which has 14 studios in five countries and more than 1,200 employees, released such video games as Hotshot Racing, Sackboy: A Big Adventure and WST Snooker last year.

Carl Kavers, Sumo’s CEO, said that “the opportunity to partner with Tencent we just couldn’t pass up.”

Under the terms of the deal, Suno shareholders will receive 513 pence per share, a 43% premium over Friday’s closing price.
Mr. Cavers, who co-founded Sumo 18 years ago, said the deal will give the company “opportunities for us to really make our mark in this amazing industry, in ways that were not previously available.”

Tencent buys SUMO

“We believe the acquisition is in the best interest of everyone involved in the business,” he added. “The future for Sumo is more exciting than ever.”

What is Tencent?

James Mitchell, Tencent’s chief strategist, said the company will bring its expertise and resources to “accelerate Sumo’s growth both in the UK and overseas,” as well as support the company and the UK “as a hub for gaming innovation.”

The acquisition, which will expand the Internet giant’s global presence, is the Chinese company’s latest deal to buy the British company.

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