
ByteDance, the company also behind TikTok, has agreed to sell Moonton to Saudi Arabia’s Savvy Games Group for USD6 billion (~Php360 billion).
Moonton is behind many popular mobile games, more predominantly Mobile Legends: Bang Bang, which has been downloaded 1.5 billion times.
ByteDance has reportedly been trying to exit the gaming market and has been trying to sell Moonton since 2023. The company intends to shift its focus to developing its AI and make it more competitive.
Meanwhile, Savvy Games, owned by the Saudi Arabia Public Investment Fund, is on the hunt to expand its gaming portfolio. One of its subsidiaries, Scopely, was behind the acquisition of Niantic (Pokémon Go) for USD3.5 billion (~Php210 billion).
They are also among the investors who helped purchase Electronic Arts for USD55 billion (~Php3.3 trillion). The PIF also owns 7.5 percent of Nintendo.
Savvy Games’ acquisition of Moonton should be finalized in the “near future.”
Via: Bloomberg
This article, Mobile Legends developer Moonton sold to Savvy Games for USD6 billion, was originally published at NoypiGeeks | Philippines Technology News, Reviews and How to's.
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