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    700   KYG875721634

TENCENT HOLDINGS LIMITED

(700)
  Report
End-of-day quote. End-of-day quote Hong Kong Stock Exchange - 09/17
461.8 HKD   +2.39%
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Tencent snaps up British video game developer Sumo in $1.3 bln deal

07/19/2021 | 02:33am EDT
China Internet Conference in Beijing

* Shares surge in early trading to all-time high

* Tencent offers 513p per Sumo share

* Sumo boss says he is keen work with Tencent

July 19 (Reuters) - China's Tencent will buy British videogame developer Sumo in a $1.27 billion deal, it said on Monday, adding new titles to its growing portfolio of chart-topping videogames.

The purchase, which will boost the Chinese internet giant's presence globally, brings together Sumo's racing and snooker games with Tencent's more high-profile range of games that includes Call of Duty's mobile version.

Shareholders in Sheffield-based Sumo will get 513 pence in cash per share, a 43% premium to the last price and valuing the company at 919 million pounds, Tencent said, sending Sumo's shares surging 42% to a record high.

The deal comes days after China's market regulator decided to block Tencent's plans to merge videogame streaming sites, Huya and DouYu, on antitrust grounds.

It is the second major deal involving a British video game company over the past year, following U.S. video game maker Electronic Arts' deal to buy Britain-based Codemasters.

Tencent, with stakes in companies that make Fortnite and League of Legends, is the world's second-largest videogame group by revenue after Sony.

"Chinese deals may imply a higher regulatory risk, but we see no likely resistance or counterbid," Jefferies analysts said.

EXPERTISE AND RESOURCES

Sumo, which counts Microsoft's Xbox, Amazon Game Studios, Apple, Google and BBC as its clients and partners, has seen its value soar since a 2017 listing on LSE's junior market AIM at 100 pence.

"The Board of Sumo firmly believes the business will benefit from Tencent's broad videogaming eco-system, proven industry expertise and its strategic resources," non-executive chairman Ian Livingstone said.

Tencent owns 8.75% and is the second-biggest shareholder in Sumo, which has 14 studios in five countries and released the video games including Hotshot Racing, Sackboy: A Big Adventure and WST Snooker last year.

Sumo's boss Carl Cavers said he and co-founders Paul Porter and Darren Mills would reprise their roles.

"The opportunity to work with Tencent is one we just couldn't miss," said Cavers, who founded the company 18 years ago.

($1 = 0.7261 pounds) (Reporting by Muvija M in Bengaluru; Editing by Arun Koyyur and Edmund Blair)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ELECTRONIC ARTS INC. -1.53% 133.88 Delayed Quote.-5.32%
SUMO GROUP PLC 2.89% 498.5 Delayed Quote.44.63%
SUMO LOGIC, INC. -0.54% 18.54 Delayed Quote.-34.78%
TENCENT HOLDINGS LIMITED 2.39% 461.8 End-of-day quote.-18.12%
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Analyst Recommendations on TENCENT HOLDINGS LIMITED
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Financials
Sales 2021 579 B 89 531 M 89 531 M
Net income 2021 151 B 23 292 M 23 292 M
Net cash 2021 136 B 21 073 M 21 073 M
P/E ratio 2021 29,8x
Yield 2021 0,35%
Capitalization 4 399 B 565 B 680 B
EV / Sales 2021 7,36x
EV / Sales 2022 6,02x
Nbr of Employees 94 182
Free-Float 62,4%
Chart TENCENT HOLDINGS LIMITED
Duration : Period :
Tencent Holdings Limited Technical Analysis Chart | 700 | KYG875721634 | MarketScreener
Technical analysis trends TENCENT HOLDINGS LIMITED
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TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
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Mean consensus BUY
Number of Analysts 52
Last Close Price 461,80 CNY
Average target price 543,19 CNY
Spread / Average Target 17,6%
EPS Revisions
Managers and Directors
Hua Teng Ma Executive Chairman & Chief Executive Officer
Chi Ping Lau President & Executive Director
Shek Hon Lo Chief Financial Officer & Senior Vice President
Chen Ye Xu Chief Information Officer
Yu Xin Ren COO & President-Interactive Entertainment Group
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