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Tencent purchases 20% stake in Korean game developer Shift Up

The acquisition continues the tech firms efforts to further invest in overseas firms

Tencent has purchased a 20% stake in the South Korean video game studio Shift Up.

As reported by South China Morning Post, the conglomerate is now the second largest shareholder in the developer behind Goddess of Victory: Nikke.

A month after launching in November, the mobile game Goddess of Victory, published by Tencent subsidiary Level Infinite, generated $100 million in consumer spending.

The acquisition marks another addition to the firm's efforts to expand its market presence within the global games market.

In August, both Sony and Tencent acquired a combined 30% stake in FromSoftware.

Back in September, the tech firm increased its investment in Ubisoft. A €300 million ($319 million) cash injection saw the tech firm take a 49.9% stake in Guillemot Brothers Limited, which owned 13% of Ubisoft's shares before the deal.

Later that month, Tencent took a minority stake in Mordhau studio Triternion.

In October, it was reported that the conglomerate shifted its M&A activity to emphasize majority stakeholder activity in overseas firms.

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Jeffrey Rousseau

Staff Writer

Jeffrey Rousseau joined GamesIndustry.biz in March 2021. Based in Florida, his work focused on the intersectionality of games and media. He enjoys reading, podcasts, staying informed, and learning how people are tackling issues.