Chinese tech firm Tencent has bought a majority share in streaming platform Huya.

As reported by GamesIndustry.biz, the company purchased 16.5 million Class B shares for around $262.2 million from Joyy, the parent company of Huya. As a result, Tencent has at least a 50.1 per cent stake in the business.

Huya will maintain its independence, but Tencent has appointed a new director and chairman for the company's board of directors. The tech giants general manager of interactive entertainment Lingdon Huang will take on the role.

Initially, Tencent invested $462 million in March 2018 in a Series B funding round. Last year, Huya purchased a minority stake in the ESL for $30 million.

Taking opportunities

In March, the Chinese tech company partnered up with fellow Chinese firm Huawei for a cloud games platform. That same month, it was revealed that Tencent's revenue grew 21 per cent year-on-year to $54.1 billion.

At the start of the year, the firm made an offer to fully purchase Norweigian games studio Funcom. However, to date, the developer has created one mobile game – Lego Minifigures Online.