Benzinga | Jul 19, 2021 08:31AM EDT

Tencent To Acquire Remaining Stake In Sumo Group At 43% Premium: Bloomberg

* Tencent Holdings Ltd (OTC:TCEHY) agreed to acquire the remaining unowned stake in Sumo Group PLC (OTC:SUMGF), Bloomberg reports.

* Tencent offered 513 pence per share for Sumo, a 43% premium to Sumo's last closing price. The transaction values Sumo at $1.26 billion.

* Tencent already owns 8.75% of Sumo, valuing the outstanding shares at ?803.

* Sumo creates games for other publishers, including Apple Inc's (NASDAQ:AAPL) Arcade service, Xbox Game Studios, Electronic Arts Inc (NASDAQ:EA), Activision Blizzard Inc (NASDAQ:ATVI), and Ubisoft Entertainment (OTC:UBSFF) (OTC: UBSFY).

* Price action: TCEHY shares closed lower by 1.6% at $71.47 on Friday.