Tencent looks to further establish its presence in the gaming industry after Sumo Group deal is approved.
Sumo Group announced today that the High Court of Justice in England and Wales approved the acquisition on January 13. Dealings in Sumo share on the AIM (part of London Stock Exchange) were suspended and admission to trade these shares will be cancelled tomorrow (January 18).
The USD 1.25 billion takeover was announced in the summer of 2021; however, a US national security panel investigation on the deal halted the process. The investigation was concluded after one month.
Sumo Groups is one of the UK's largest providers of creative development and co-development services to the video games and entertainment industries. With over 1,000 employees and 15 studios, Sumo works numerous game developers and entertainment brands. Sumo is known for games like LittleBigPlanet 3, Sackboy: A Big Adventure, and Crackdown 3.
Tencent is already a giant in the gaming industry. In addition to the Sumo Group deal, Tencent is also preparing a MMORPG game connected to the Avatar movie with Disney. Avatar: Reckoning will be launched for IOS and Android mobile platforms; but the game has yet to set a specific release date.