Moonton Could Be Bought By Saudi’s Savvy Group, Report Claims

Chinese tech giant ByteDance is selling Moonton, their gaming division, to Saudi Arabia’s Savvy Games Group, claims a report by Reuters.

Previously, ByteDance bought Shanghai Moonton through its gaming unit, Nuverse, for USD 4 billion. Moonton is famously known as the developer of popular mobile MOBA video game Mobile Legends: Bang Bang.

They employ around 2000 people in China, Indonesia, Singapore, Latin America, and many other regions.

Since 2023, ByteDance has looked for investors willing to buy Moonton, as the social media giant behind TikTok looking to restructure their gaming business

ByteDance is selling Moonton for more than USD 6 billion

Sources close to Reuters claim that ByteDance has engaged in a deal with Saudi Arabia’s Savvy Games Group to sell Moonton for about USD 6-7 billion.

Savvy Games Group is a gaming and esports company owned by Saudi Arabia’s Public Investment Fund (PIF). They have been actively seeking growth in the gaming industry through investment, commercial ventures, and even straight acquisition of gaming companies.

In 2023, Savvy acquired Scopely, a mobile video game developer producing games such as Pokémon GO!, Monopoly Go!, Monster Hunter Now, and many other licensed titles.

Both ByteDance and Savvy have agreed on the initial agreements on broad terms of the deal and are in advanced talks to finalize the deal.

Deal could be finalized this quarter

The discussion between ByteDance and Savvy Games Group to sell Moonton has advanced further, with both companies looking to finalize the deal as soon as possible.

It is claimed that the sale will be finalized as soon as this quarter, since both parties have agreed on the details of the acquisition.

This deal will mark ByteDance’s exit from the online games segment, as well as the strengthening of Savvy’s and Saudi Arabia’s positions in the gaming industry.

With the growth of the Esports World Cup Foundation through the Esports World Cup and Esports Nations Cup, as well as Electronic Arts’ acquisition by the PIF, the Middle Eastern nation is looking to create a hub of soft power that could go toe-to-toe with other gaming giants.

It is unclear how this deal will affect Moonton’s offices and products in other countries.