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Sumo Group holdings to soon become a subsidiary under Tencent

It’s no wonder that Tencent is one of the world’s biggest gaming studios and the company also has many subsidiaries under it as well as has acquired several other gaming studios under its brand. The company has already shown its ambitions to stand as the world’s leader in the gaming market and its recent plans all but make the company a player which is here to make a name.

As we all know, Sumo Group, that owns around ten studios under its brand and four studios acting as sister companies under its group holding company. The fourteen studios of Sumo Group span over four different countries, but the company is majorly focused within the UK, where the company has its headquarters.

However, the company will soon become a subsidiary of Tencent. It’s unfathomable to digest as Sumo Group is involved in huge games such as Forza Horizon 4, HITMAN, HITMAN 2, Crackdown 3, Mafia III: Definitive Edition. And brands under the Sumo banner are responsible for fully developing games like Team Sonic Racing, Sackboy, Little Orpheus, and many more.

The fourteen studios which have their feet in five countries employ over 1200 people and are involved in multiple projects. However, the deal is a big deal, but it’s something that was expected of Tencent. The company already owns 8.75% of Sumo Group and has many links to other major companies within gaming. According to official reports, Sumo Group has accepted an offer of 513p per share (the closing price on Friday being 358p, a 44% premium) in cash for the acquisition.

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The Board of Sumo firmly believes the business will benefit from Tencent’s broad videogaming eco-system, proven industry expertise, and strategic resources.

Tencent is already being crowned as the largest video games company in the world, and after the successful acquisition of Sumo Group, the company will further increase its influence on the market.

Source

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Nivedita Bangari
Nivedita Bangari
I am a software engineer by profession and technology is my love, learning and playing with new technologies is my passion.
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