ByteDance is poised to sell its mobile games business Moonton to the Saudi-owned Savvy Games Group, sources tell Nikkei Asia.
VIEW GALLERY – 2 IMAGES
Savvy Games Group is set to expand its billion-dollar games empire even further in a landmark $6 billion acquisition deal. It was previously reported that Savvy wanted to purchase Moonton, the mobile games unit of Chinese TikTok creator ByteDance, with a proposed $5-7 billion valuation. It’s now been revealed that Savvy and ByteDance have agreed on a purchase deal worth over $6 billion. Moonton is responsible for mobile hit Legends: Bang Bang, a game that sees over 110 million monthly active players.
“We believe that through this partnership with Savvy, Moonton will receive broader development opportunities and deliver an even better gaming experience to more players around the world,” Moonton CEO Zhang Yunfan told employees in an internal memo acquired by Nikkei Asia.
The publication also received official comment from ByteDance regarding the acquisition:
“We are proud of Moonton’s impressive growth into a leading mobile gaming player in Southeast Asia. This transaction marks a natural next step in its journey, and we look forward to seeing Moonton continue to push creative boundaries and inspire gaming communities around the world.”
Saudi Arabia’s Savvy Games Group has made multiple high-profile investments in gaming over recent years. The most lucrative purchase has been Scopely, which has produced Monopoly Go!, a mobile game that managed to break the $6 billion revenue threshold faster than any other smartphone game in history.
Saudi Arabia is also leading the charge in taking Electronic Arts private; it’s been revealed that 93% of the acquisition’s $55 billion funding comes from Saudi sources.
If both the EA and Moonton deals go through, Savvy Games Group/Saudi Arabia will have made 3 out of the top 10 largest video game acquisitions of all time.