A Saudi Arabian fund will purchase ByteDance’s Moonton video gaming division
A Riyadh-based video game firm owned by Saudi Arabia’s Public Investment Fund has agreed to purchase Shanghai Moonton Technology, the studio behind the well-known mobile game «Mobile Legends: Bang Bang,» from Chinese company ByteDance, the two companies said on Friday.
The deal’s financial specifics were not made public, but according to a person with knowledge of the situation, Moonton is valued at more than $6 billion.
In February, Reuters revealed that ByteDance was in advanced negotiations to sell the company to Savvy Games Group for a rumored $6–7 billion.
Savvy, owned by Saudi Arabia’s sovereign wealth fund, the PIF, is a global video game and esports company that, according to its website, seeks to grow through acquisitions, investments, and business ventures.
The sale of Moonton would contribute to the ongoing consolidation in the video game industry, at a time when several major players are vying for intellectual property dominance and more distribution channels, as well as expanding into global markets.
