Savvy Games Purchases Moonton, Developer of Mobile Legends, for $6 Billion

In a significant move, Savvy Games has taken over Moonton, the renowned developer of Mobile Legends, from ByteDance, the parent company of TikTok, in a deal worth $6 billion. Speculation about ByteDance being in advanced negotiations to sell Moonton Technology to Savvy Games Group for a sum between $6 and $7 billion began circulating last week. At that time, sources indicated that the agreement could be finalized by the end of the quarter, with the parties reportedly reaching a preliminary understanding on the key terms of the deal. According to a report by Bloomberg, the acquisition is valued at approximately $6 billion and is set to be finalized in the near future. The current leadership of Moonton will remain unchanged, and incentive programs will be introduced for the existing workforce. Brian Ward, CEO of Savvy, stated that this acquisition will contribute to the expansion of Savvy's mobile gaming division and enhance its presence in the esports sector. Earlier in 2024, ByteDance confirmed that it was engaged in discussions to sell its gaming business, with Tencent initially identified as a potential buyer. Savvy Games Group is owned by the Public Investment Fund (PIF) of Saudi Arabia. The company holds stakes in several prominent gaming entities, including Nintendo, Capcom, Nexon, Take Two, Activision Blizzard, and Koei Tecmo. Additionally, PIF is part of an investor group, which includes Silver Lake and Affinity Partners, that is acquiring Electronic Arts in a transaction valued at $55 billion.