HONG KONG : Tencent is resetting its M&A strategy to put more focus on buying majority stakes mainly in overseas gaming companies, as the tech giant eyes global expansion to offset slowing growth at home in China, people with direct knowledge of the matter said.Tencent Holding Ltd has for years invested i
HONG KONG : Tencent is resetting its M&A strategy to put more focus on buying majority stakes mainly in overseas gaming companies, as the tech giant eyes global expansion to offset slowing growth at home in China, people with direct knowledge of the matter said.
The shift comes as the world's number one gaming firm by revenue is counting on global markets for its future growth, which requires a strong portfolio of chart-topping games, the sources aid. Tencent's pursuit for bigger stakes in gaming firms comes as other tech giants such as Microsoft, Sony and Amazon are snapping up gaming assets and related intellectual properties, said three of the sources.
From 2015 to 2020, the owner of China's number one messaging app WeChat 150 investments at home totalling $75 billion, compared to 102 deals worth $33 billion in overseas markets, according to Refinitiv data. Tencent's pursuit of bigger stakes in its existing gaming portfolio or new targets would give the company a bigger say in such firms' businesses and also help it secure the intellectual property rights of popular games, said the four sources.
Last year, Tencent said it would take over British videogame developer Sumo in a $1.3 billion deal - one of its largest foreign transactions since the regulatory crackdown in late 2020.
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