Report: Tencent closing in on Leyou Tech Holdings acquisition

Chinese tech and entertainment giant Tencent is apparently closing in on an acquisition deal for Hong Kong's Leyou Technologies Holdings.

That's according to Bloomberg, which reports that the apparent deal would value the company at $1.3bn. The two firms are talking about a price of between HK$3.30 and HK$3.40 per share. Leyou's majority shareholder, Charles Yuk, is apparently looking to sell his stake of around 69 per cent, in its entirety. 

Tencent was the latest in a long line of companies reportedly interested in buying Leyou. Previously, IDreamSky was in talks to buy the firm, with buyout firm CVC Capital Partners joining these negotiations. The COVID-19 coronavirus pandemic put those talks on ice.

Leyou owns games companies including Warframe maker Digital Extremes, as well as Splash Damage. 

For the full story head over to PCGamesInsider.biz.