A new report claims that TikTok owner ByteDance is in “advanced talks” to sell its subsidiary Moonton Technology to Saudi Arabia’s Savvy Games Group. The deal is estimated to be valued at between $6 billion and $7 billion, according to a report from Reuters.
ByteDance paid $4 billion in 2021 to buy Moonton, so that would be quite a return for the company. At $6 billion, Savvy buying Moonton would be the No. 5 biggest acquisition in the history of video games.
Reuters said ByteDance and Savvy have agreed on “broad terms” for the deal, and that a deal could be formalized by the end of March.
