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Tencent spends $30 million acquiring 10% of UK studio Sumo Digital

Invests in Sheffield co-developer
Tencent spends $30 million acquiring 10% of UK studio Sumo Digital
Date Type Companies Involved Size
Nov 15, 2019 investment Sumo Digital Tencent $30m
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Chinese behemoth Tencent has acquired 15 million shares or 10 per cent of Sumo Group, owners of UK studio Sumo Digital.

The purchasing exchange was made between Tencent and private equity firm Perwyn Bidco, with the latter now decreasing its shares to 17 per cent.

At the time of writing, Sumo Group shares have jumped by eight per cent since the acquisition was announced.

Founded in Sheffield in 2003, Sumo Digital has worked on a variety of games across mobile, console and PC.

Games worked on by the developer include Sonic Dash 2: Sonic Boom, Snake Pass, Team Sonic Racing and the Forza Horizon and Hitman series.

“Glad to invest”

"We are glad to invest in Sumo Group, a leading independent co-development studio," said Tencent head of games Steven Ma.

"We look forward to supporting Sumo's growth and exploring collaborations with the company to bring more interactive entertainment experiences to global audiences."

Sumo Group CEO Carl Cavers added: "We are delighted that Tencent has chosen to acquire a shareholding in the company, and we look forward to working with Tencent to explore co-development opportunities.

Tencent recently revealed its financial results for the previous quarter with revenue up by 21 per cent due to Call of Duty: Mobile and PUBG Mobile.