Tencent, the Chinese entertainment and tech group, was given approval last week to move ahead with its planned $1.27 billion (£900 million) acquisition of games group Sumo Group. The purchase, firs…
Sumo is best known for “Sackboy: A Big Adventure,” a title published by Sony, as well as racing games based on Sega’s “Sonic the Hedgehog” franchise. Tencent has owned 8.75% of the company since 2019. It offered £5.13 per Sumo share for the stock which is listed on the AIM section of the London Stock Exchange.
Tencent is already the world’s largest gaming firm, with a portfolio of companies including stakes in Ubisoft, Activision Blizzard, Riot and Epic. Analysts say that Tencent has accelerated its games acquisition spree since the beginning of the COVID-19 pandemic, despite a regulatory crimp at home. PC Gamer reported that Tencent acquired 31 games studios in 2020.
Tencent has a significant but low-key presence in the U.K., though it is considerably narrower than the group’s, which stretch from games, video and social media to business solutions and payments. In the U.K., its two main sectors are games industry investment and research and development, often conducted in partnership with local companies, institutions and government.
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