TikTok owner ByteDance announced on Monday that its video game unit Nuverse has agreed to acquire gaming studio Moonton Technology. According to Reuters, the deal values Moonton at about $4 billion. ByteDance declined to comment on the size of the acquisition.
ByteDance’s acquisition puts the gaming studio in competition with China’s largest social media and video games company, Tencent. Tencent is also the world’s largest video games publisher, holding stake in “Fortnite” and “PlayerUnknown’s Battlegrounds” (PubG). The company made a bidding for Moonton, however, ByteDance matched its offer last week, according to Reuters. Tencent is the parent company of Riot Games, which owns popular titles “Honor of Kings” and “League of Legends”.
This acquisition highli…