Tencent has agreed to purchase the British video game developer Sumo Group for more than £900 million, bolstering the Chinese internet giant’s position in the worldwide video game industry. Sumo’s board of directors has approved Tencent’s offer of 513p per share, valuing the London-listed firm at £919 million, the firm reported on Monday. The offer constituted a 43 percent premium over Sumo’s Friday closing share price of 358p, before the agreement was revealed, and was also much more than the company’s all-time high of 407p. On Monday, the stock jumped by 40% to 499p. Tencent, which owns the Weixin/WeChat social networking platform, is one of the world’s most powerful corporations.
Source: https://www.theguardian.com/business/2021/jul/19/china-tencent-uk-video-games-developer-sumo
