Tencent’s $1.3 Billion Sumo Deal Under US Security Probe

A US nationwide safety panel is investigating Tencent Holdings’ $1.27 billion (roughly Rs. 9,518 crore) takeover of Sumo Group, the British videogame maker mentioned on Friday, in a potential setback to the Chinese language web big.

Sumo, which has studios in america and 4 different nations, mentioned Tencent had agreed to supply undertakings to achieve approval from the Committee on International Funding in america (CFIUS), which assesses offers to make sure they don’t damage nationwide safety.

The secretive process power, which can be wanting into the US sale of video-sharing app TikTok, had tightened its scrutiny of Chinese language offers beneath former President Donald Trump.

Tencent had made a cope with Sumo in July, simply days after China’s market regulator blocked its plans to merge videogame streaming websites, Huya and DouYu, on antitrust grounds.

Sumo and Tencent are partaking with the CFIUS to get clearance for the acquisition earlier than the top of the yr, the British agency mentioned on Friday.

Sheffield-based Sumo’s purchasers and companions embrace Microsoft’s XBOX sport studios, Apple and Alphabet’s Google, amongst others.

The deal would carry collectively Sumo’s racing and snooker video games with Tencent’s extra high-profile vary of video games that features the cellular model of “Name of Obligation”.

© Thomson Reuters 2021

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