Tencent Purchases Sumo Group

CNBC reports that Chinese internet behemoth Tencent has wrestled out an acquisition deal with the Sumo Group. This increases an existing stake in the British game developer, and is said to have sent stock prices soaring:
Tencent said Monday it has agreed to acquire British video game developer Sumo Group for £919 million ($1.26 billion).

The Chinese gaming giant is offering 513 pence in cash per share for Sumo, a 43% premium to the company’s Friday closing price. London-listed shares of Sumo skyrocketed more than 40% on news of the deal Monday.

Tencent already owns a 8.75% stake in Sumo, which mainly develops games for other publishers. Sumo’s portfolio includes Sackboy: A Big Adventure, a title published by Sony, and several racing games based on Sega’s Sonic the Hedgehog franchise.