Savvy to Buy ByteDance Studio Moonton for $6 Billion [Yahoo! Finance]
TENCENT HLDGS UNSP/ADR (TCEHY)
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Source: Yahoo! Finance
(Bloomberg) -- Savvy Games Group has agreed to buy the Moonton studio from ByteDance Ltd. as the Saudi Arabian firm builds up its mobile gaming assets. The deal values Moonton at $6 billion, people familiar with the matter said, asking not to be identified because the terms are private. The transaction is expected to be finalized in the near future, Moonton Chief Executive Officer Zhang Yunfan said in an internal memo reviewed by Bloomberg News. Savvy will leave the company's management in place and employees will be offered incentive programs, he wrote. Most Read from Bloomberg Iranian Navy Guided Indian Tanker Through Hormuz, Crew Member Says Trump Gives Iran 48 Hours on Hormuz, Threatens Power Plants Super Micro Co-Founder Charged With Smuggling, Departs Board Iran Says Ready to Let Japan Vessels Use Hormuz, Kyodo Reports China Pulls Silver From Global Markets to Meet Surging Demand The deal is meant to develop Savvy's mobile games division and enhance its esports
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