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Outfit7 purchased by Asian consortium for $1 billion

UPDATE: The Talking Tom developer has confirmed its acquisiton

Update: Earlier this week, a report surfaced suggesting that Outfit7 was to be acquired by a Chinese chemical firm for $1 billion. As it turns out, today the purchase price was confirmed by Outfit7 but the purchaser in the initial report was wrong. The press release indicates that 100 percent of the company's shares were sold to a consortium of investors from Asia, represented by United Luck Group Holdings Limited under the leadership of Mr. Ou Yaping.

Original story:

Mobile developer Outfit7, known for its virtual pet simulator Talking Tom, has been acquired by Chinese chemical firm Zhejiang Jinke Entertainment Culture, according to reports from Slovenia (spotted by PocketGamer.biz). Outfit7 does have an office in Slovenia, although it's headquartered in the UK. Reports suggest that the deal was finalized last month, valuing Outfit 7 at $100 per share. According to Jutarnji List, the deal is expected to be approved and would be one of the biggest foreign takeovers in the Slovenia's history.

Outfit7 has just launched a new title starring a talking dog, called My Talking Hank. The studio's different apps have been downloaded more than 5.6 billion times, with 10.3 billion video views of its projects online. The Chinese chemical firm that is buying Outfit7 manufactures and sells peroxides and activating agents, and it's unclear what their strategy is with the mobile games market, but it's not the first time that a Chinese company outside the games business has expanded its remit. Just last year, Jagex was bought by Chinese investors involved in a company that handles mining activities, and Chinese poultry firm Leyou Technologies bought UK studio Splash Damage.

Outfit7 was previously majority owned (60%) by Sam and Iza Login, co-founders and chief executives at the mobile outfit.

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