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
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