By Ian Walker 
 

Sumo Group PLC (SUMO.LN) said Friday that Tencent Holdings Ltd. (0700.HK) has bought 15 million shares in the company, or 9.96% of its issued share capital, from Perwyn Bidco (U.K.) Ltd.

No price was provided for the transaction. However, based on Sumo's closing share price of 154 pence Thursday the shareholding is worth 23.1 million pounds ($29.7 million).

The London-listed provider of services to the videogame and entertainment industries said that following the deal Perwyn will continue to own 17.38% of its issued share capital.

"We are delighted that Tencent have chosen to acquire a shareholding in the company, and we look forward to working with Tencent to explore co-development opportunities," Sumo Chief Executive Carl Cavers said.

Steven Ma, head of Tencent Games, said: "We are glad to invest in Sumo Group...We look forward to supporting Sumo's growth and exploring collaborations with the company to bring more interactive entertainment experiences to global audiences."

 

Write to Ian Walker at ian.walker@wsj.com

 

(END) Dow Jones Newswires

November 15, 2019 02:44 ET (07:44 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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