Saudi Arabia’s Savvy Games Gets Nod to Buy ByteDance’s Gaming Unit for Over USD6 Billion

Résumé détaillé

Savvy Games Group, a Saudi Arabian games and esports company, has passed China’s official antitrust review for its more than USD6 billion acquisition of a gaming company under…

(Yicai) Nov. 10 -- Savvy Games Group, a Saudi Arabian games and esports company, has passed China’s official antitrust review for its more than USD6 billion acquisition of a gaming company under Chinese TikTok owner ByteDance.

The State Administration for Market Regulation concluded its review of the case involving Savvy Games’ acquisition of equity in Moonton and Shanghai Moonton Technology on Oct. 29, according to a list of unconditional approvals of concentration of undertakings the watchdog released on Nov. 6.

Savvy Games will acquire Moonton’s main business entity and related core assets, including its flagship multiplayer online battle arena game Mobile Legends: Bang Bang, as well as several other products in development.

On March 20, Zhang Yunfan, head of ByteDance’s gaming business, said in an internal memo that the company had signed an agreement with Savvy Games for Moonton to become its subsidiary, in a deal worth more than USD6 billion. The unit’s management structure and Shanghai headquarters will remain unchanged, while Zhang will continue as chief executive officer, he noted.

Established in 2014, Moonton has branches in Singapore, Peru, Malaysia, the Philippines, and Indonesia. ByteDance bought the firm through its gaming unit Nuverse in 2021, when it was valued at about USD4 billion.

Saudi Arabia’s Public Investment Fund set up Savvy Games in 2022, focusing on game publishing and development, as well as esports events.

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