Majority Stake from US Game Developer Riot Games, Purchased by China’s Tencent

After announcing tactics to launch a $760 million fund to spend in such companies, Chinese Internet firm Tencent has taken a majority stake in US online game developer Riot Games less than two weeks.

One of the foremost online game companies in China, Tencent will give financial backing as Riot Games makes bigger into innovative markets and expands games, according to the companies in a combined statement out in the United States Friday.

Financial terms of the contract were not out. The agreement is focus to regulatory endorsement.

Riot GamesBrandon Beck, Riot Games chief executive said, “Investment of Tencent will give our talented group… with extra resources to center on innovating about League of Legends and beginning latest projects that move forward the boundaries in the gaming space.”

According to the declaration, Tencent acquired the Chinese rights to League of Legends — a free multiplayer online battle-arena game last 2008 moreover is setting up to check it this year in the biggest Internet market throughout world with 457 million users.

It was announced previous month by the Chinese group that it plans to open a five-billion-yuan support to spend in online gaming, e-commerce and innovative media companies.

It was not apparent whether Tencent would utilize the investment fund to finance the Riot Games agreement.

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