The video game unit of ByteDance Nuverse will be purchasing video games studio Moonton Technology. Nuverse says it has already agreed on terms and conditions of this acquisition deal and it will be using the acquisition to expand its influence in the video game industry.
“Through cross-team collaboration and drawing on lessons and insights from its own rapid growth, Moonton provides the strategic support needed to accelerate Nuverse’s global gaming offerings,” said ByteDance.
Currently Tencent Holding Ltd (HKG: 0700) is the leading Chinese company in the video game industry. ByteDance is seeking to capitalize on this acquisition deal to increase its market share in the Chinese video game industry.
Through an internal memo, CEO of Moonton, Yuan Jing, says after the purchase the company will be operating independently from ByteDance.
Insider sources in the matter revealed that Tencent had presented the biggest bid for Moonton but ByteDance matched the offer last week.