Tencent has bought up another video game company to add to its massive portfolio, with its recent acquisition of British studio Sumo Group. The brand is the parent company of Sumo Digitial, responsible for creating popular titles such as Sonic & SEGA All-Stars Racing Transformed, LittleBigPlanet 3, Snake Pass, and Hood: Outlaws & Legends. Tencent paid a whopping $1.27 billion dollars to buy up Sumo Group, while previously having an 8.75% stake in the company's stakes.
Tencent intends to bring its expertise and resources to accelerate the growth of Sumo both in the UK and abroad, supporting Sumo in the market for top-notch creative talent, and the UK as a hub for game innovation. We believe the proposed transaction benefits all stakeholders, delivers compelling value for Sumo shareholders, while enhancing the Sumo business for the future.