Tencent Agrees to Buy British Game Maker Sumo Group
- The offer values Sumo Group at about 919 million pounds
- The deal adds to Tencent’s string of gaming investments
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Tencent Holdings Ltd. has agreed to buy the rest of Sumo Group Plc it doesn’t already own, adding to a string of gaming investments by Chinese social media and gaming giant. The British company’s shares jumped the most on record.
Asia’s most valuable firm is offering 513 pence per share for Sumo, a 43% premium to the British company’s previous close. On a fully diluted basis, the offer values Sumo at about 919 million pounds ($1.26 billion). Tencent already owns about 8.75% of Sumo, giving the outstanding shares a value of about 803 million pounds.