TikTok owner ByteDance in talks to buy stake in mobile games firm CMGE

 

China's ByteDance is in talks to buy into mobile games publisher CMGE Technology Group Ltd, four people with direct knowledge of the matter told Reuters, as the owner of short video app TikTok moves to strengthen its next pillar of growth.

The deal would come as the gaming industry continues to benefit from COVID-19 pandemic countermeasures which have forced people to stay at home, boosting game downloads.

ByteDance plans to buy part or all of the 27.6% CMGE stake held by Fairview Ridge Investment Ltd, controlled by CMGE chairman Xiao Jian and vice chairman Sin Hendrick, said two of the people.

ByteDance is looking to offer HK$4 to HK$5 ($0.52 to $0.64) per share to purchase the stake, said another person. The range represents a premium of 30% to 62% above the stock's Monday close of HK$3.08.

Xiao and Sin are the biggest shareholders of Hong Kong-listed CMGE, holding 33.9% and 32.6% respectively through a number of entities, regulatory filings showed.

A 27.6% stake is worth $275 million, Reuters calculations showed based on CMGE's market capitalisation of $997 million on Monday.

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