ByteDance announced that it has reached a final agreement with Savvy Games Group, a subsidiary of Saudi Arabia’s Public Investment Fund (PIF), to sell its gaming unit Moonton for more than $6 billion. Upon completion of the transaction, Moonton will become a wholly owned subsidiary of Savvy. Moonton is the developer and publisher of the popular MOBA mobile game Mobile Legends: Bang Bang in Southeast Asia. It was acquired by ByteDance in 2021. The deal marks ByteDance’s complete divestment of its core gaming assets, signaling a strategic shift from diversification back to a more focused business direction. [TechNode Reporting]
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