Chinese firm's deal to get Kiwi video gaming firm worth a lot more than $100m
Hong Kong-listed Tencent Mobility was granted Overseas Investment Office approval to obtain up to 100 % of Kiwi video gaming developer Grinding Gear Games for over $100 million.
Tencent Mobility - an internet based communication, advertising, and gaming supplier - was granted consent to acquire approximately 100 % of the shares in Grinding Gear Games, 80 per-cent up front plus the Cheap POE Items remaining 20 % over approximately six years, a summary in the decision released today said.
While no amount was disclosed, the requirement of OIO approval was triggered since it exceeds $100m.
"Tencent Mobility Ltd has satisfied the OIO the individuals who will control your time and money have the relevant business experience and acumen and therefore are of good character," the OIO said."Tencent Mobility Ltd in addition has demonstrated financial commitment to your time and money."
According on the OIO, the shareholders of Grinding Gear Games "wish to grasp the value of their investment also to allow the company to develop, by utilising the international connections of Tencent Mobility".
Auckland-based Grinding Gear Games was founded in a very New Lynn garage and is particularly best known for creating the Path of Exile online game that has around 2 million players enrolled.
Grinding Gear Games managing director Chris Wilson this month said the sale meant the business could expand and hire the best way to for its Auckland-based studio.
"We're seeking to increase our headcount within the Buy Chaos Orb next year from 114 full-time employees close to 130," Wilson said. "We're intending to do more expansions for that games, in parallel, and naturally bolstering they will be really valuable in achieving that."