The Chinese technology giant behind TikTok announced Friday that it has finalized a deal to transfer ownership of Shanghai Moonton Technology to a gaming company backed by Saudi Arabia’s sovereign wealth fund.
ByteDance completed the sale of the gaming studio, which developed the widely-played mobile title Mobile Legends: Bang Bang, to Savvy Games Group, a Riyadh-based company owned by Saudi Arabia’s Public Investment Fund.
While ByteDance did not reveal the purchase price, a source familiar with the deal indicated that Moonton’s valuation exceeded $6 billion in the transaction.
Earlier reports from February indicated that ByteDance was engaged in serious negotiations to transfer the gaming business to Savvy Games Group, with the deal estimated to be worth between $6 billion and $7 billion.
According to its official website, Savvy Games Group operates as an international gaming and esports enterprise under the ownership of Saudi Arabia’s Public Investment Fund, focusing on expansion through acquisitions, strategic investments, and business partnerships.
The agreement was initially disclosed by Japan’s Nikkei newspaper on Friday.
