Sunday, July 12, 2020

Chinese conglomerate acquires stake in Sheffield video game maker

Chinese conglomerate, Tencent Holdings is acquiring 15 million shares in Sheffield-headquartered video game maker, Sumo Group, from private equity company, Perwyn Bidco.

Following the acquisition, Tencent, an internet-based platform company, will hold a 9.96% interest in the Company.

Perwyn Bidco has been an investor in Sumo Group since September 2016 and, following the deal, will retain a 17.38% interest in the Company.

“When Perwyn invested in Sumo Digital in September 2016 we were a private company with annual revenue of around £24 million and operated from three studios in two countries,” said Sumo group CEO Carl Cavers.

“We are now a public company and, following the recent announcement of our new studio in Warrington in the north west of England, now have ten studios in three countries and reported revenue of more than £38 million for the year ended 31 December 2018.”

Steven Ma, Head of Tencent Games, added: “We look forward to supporting Sumo’s growth and exploring collaborations with the Company to bring more interactive entertainment experiences to global audiences.”

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