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 stated on Friday, in a potential setback to the Chinese language web large.

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

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

Tencent had made a take care of 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 tip of the yr, the British agency stated on Friday.

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

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

© Thomson Reuters 2021

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