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China's Tencent Acquires League of Legends Developer Riot Games

China-based Tencent Holdings Limited's spokesman expressed last Saturday that they were planning to acquire US-based online game developer Riot Games Inc.'s majority stakes with over 350 million US dollars, and they are now waiting for the approval from competent authorities. In other words, Tencent has started to enter the global online game market.

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According to understanding, after the acquisition, Riot Games will maintain its headquarters in Los Angeles, USA and keep its independent operation and management team. With the powerful financial support of Tencent, League of Legends, the flagship title of Riot Games, will explore new markets, and the company will develop more games as well.

According to the announcement on Riot Games' official website, the deal is estimated to complete within 30 days, but neither of the two companies has made public any financial details about this acquisition.

Founded by Brandon Beck and Marc Merrill five years ago, Riot Games raised 8 million US dollars from Tencent and venture capital firms Benchmark Capital as well as FirstMark Capital in 2009 and commercially released its first title League of Legends in the same year. Tencent became League of Legends' publisher in China Mainland in 2008.