ByteDance in talks to sell gaming unit Moonton for more than US$6 billion, sources say

ByteDance is in advanced talks to sell Shanghai Moonton Technology, the studio behind the popular mobile game Mobile Legends: Bang Bang, to Saudi Arabia's Savvy Games Group in a deal valued at between US$6 billion and US$7 billion, sources said.

A deal could be sealed as soon as this quarter, said one of the two sources, who have knowledge of the matter. The two companies have reached initial agreement on broad terms of the deal, said the second source.

The sources declined to be named as they were not authorised to speak to the media.

ByteDance, Moonton and Savvy Games did not immediately respond to Reuters requests for comment.

Reuters is reporting the deal value and the timeline for the possible transaction for the first time.

The Moonton sale would add to an already busy dealmaking activity in the videogame industry, as companies race to lock up durable franchises, live-service expertise and large online communities.

Reuters