Business deals
Transaction to be finalized ‘in near future,’ subject to regulatory approval
China’s ByteDance is selling its mobile game studio Moonton to Savvy Games in Saudi Arabia. (Photo by Yuji Murakami)
HONG KONG — Chinese tech giant ByteDance will sell its mobile game studio Moonton to Savvy Games, a Riyadh-headquartered gaming and esports conglomerate owned by Saudi Arabia’s Public Investment Fund (PIF), for more than $6 billion, according to people close to the deal.
The two parties have signed an agreement and the completion of the deal will be subject to regulatory approvals, one of the people said.
