According to a source familiar with the situation, Tencent (0700.HK) is close to reaching a deal to acquire Riot Games, a US online game developer, for more than $ 350 million.
The source, who declined to be named, revealed that the acquisition may be completed as early as next week. Riot Games is headquartered in Los Angeles and is the developer of the online game League of Legends. Tencent has previously invested in the company. Tencent and Riot Games have not yet commented on the news.
Tencent has been expanding overseas markets and is also developing online games. Last year, the company acquired a 10% stake in Russian Internet investment company Digital Sky Technologies, which made it indirect for Facebook and U.S. social game developer Zynga Game Network. Equity.
Riot Games was founded 5 years ago, its founders are Brandon Beck (Brandon Beck) and Marc Merrill (Marc Merrill). In 2009, Riot Games raised $ 8 million in funding from Tencent and venture capital companies Benchmark Capital and FirstMark Capital. In the same year, it launched "League of Legends," the company's first game.
Joe Steger, head of global technology transactions at Ernst & Young, said: "I think Chinese companies will continue to conduct cross-border transactions because they want to look for growth opportunities in markets outside of their home country."
Since the end of 2009, the mobile gaming and social gaming markets have attracted many mergers and acquisitions, such as EA's $ 400 million acquisition of social networking game maker Playfish. In addition, Walt Disney bought US social game developer Playdom for $ 563.2 million last year, and Japanese social game giant DeNA acquired iPhone game developer Ngmoco for $ 400 million.
In the third quarter of last year, Tencent ’s net profit was RMB 2.15 billion (about US $ 325 million), an increase of 52% over the same period last year. Over the past year, Tencent's stock price has risen 42%. As of the end of 2009, Tencent's QQ service accounted for 77% of the Chinese market. While Tencent is expanding its global business, the company may face competition from Baidu (Nasdaq: BIDU) in the local market, which is planning to develop more social features.
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Henan Yongrong Power Co., Ltd , https://www.hnyongrongglobal.com