Leyou confirmed details of the agreement in a Friday press release. Bloomberg, which first reported the deal, noted the Hong Kong-listed company was worth around $1.1 billion before its trade was suspended in the lead-up to the announcement. China-based tech conglomerate Tencent serves as the world’s largest gaming company by market value, worth around $760 billion. Tencent and its subsidiaries own popular titles including Fortnite, as well as a 40% stake in the publisher of League of Legends.
Bloomberg previously reported that Sony had submitted bids to Leyou’s controlling shareholder Charles Yuk, as had Tencent-backed rivals Zhejiang Century Huatong and iDreamSky. [Read: NVIDIA takes the US chipmaker crown from Intel — a first since 2014] Trade in Leyou stock, which is up 20% in 2020, is set to resume on Monday. Tencent, on the other hand, is up 40% year-to-date.
