Tencent buys developer of League of Legends

Tencent acquires Riot Games, the creator of online game League of Legends, for around $400 million.

Tencent Holdings has acquired a majority stake in Riot Games, the developer of online game League of Legends. Financial terms were not disclosed.

Tencent is China’s largest internet portal and has a leading position in instant messaging. The Shenzhen-based company gets its revenues from internet value-added services, mobile and telecommunications value-added services and online advertising. Tencent listed on the Hong Kong stock exchange in mid-2004 in an initial public offering led by Goldman Sachs.

Riot Games was set...

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