Savvy Games has completed a $6 billion acquisition of Moonton, the developer behind Mobile Legends

Moonton, the developer behind Mobile Legends, has been purchased by Savvy Games Group from ByteDance for $6 billion.

Discussions about ByteDance negotiating the sale of Moonton Technology to Savvy Games Group were first noted last week, with a speculated price range of $6 to $7 billion. Reports suggested the transaction might finalize by the end of the current quarter, with fundamental terms allegedly agreed upon by both parties.

According to Bloomberg, the acquisition is anticipated to close in the "near future," valuing the transaction at approximately $6 billion. Moonton's existing management team is expected to stay on, with incentive schemes planned for current staff.

Brian Ward, CEO of Savvy, mentioned that this acquisition bolsters the company's mobile gaming division and expands its influence within the esports sector.

ByteDance had previously verified that it was exploring options to divest its gaming business in 2024, with Tencent later identified as a possible buyer.

Savvy Games Group is a subsidiary of the Saudi Arabian Public Investment Fund (PIF). The group holds interests in various gaming companies, including Nintendo, Capcom and Nexon, Take Two, as well as Activision Blizzard and Koei Tecmo. PIF is also involved with other investors like Silver Lake and Affinity Partners in a $55 billion leveraged buyout of Electronic Arts.