Tencent acquires 10% of Sumo Group plc from Perwyn, who retain 17.3%

Tencent acquired 10% of Sumo Group (LON:SUMO) from Perwyn who retain a 17.3% stake. Zeus Capital acted as broker to Perwyn on the transaction.

Sumo is one of the UK’s largest providers of creative and development services to the video games and entertainment industries. The group delivers full-service visual and development solutions, including initial concepts and pre-production, production and development and post-release support.

Tencent is one of the world’s leading internet companies. Tencent connects hundreds of millions of Internet users every day. It operates communications and social platforms, digital content (including online games, video, literature, music, and media), payment and cloud businesses. Tencent is the world’s largest game developer and publisher by revenue. It has invested in several innovative and successful game developers and publishers globally.

We felt this particular trade made sense strategically for ourselves and the company and are excited about the future with Tencent as a shareholder alongside us. Perwyn remains a highly supportive long term shareholder of Sumo. We are under no pressure to sell down given our structure as a privately funded, evergreen investor without traditional fixed time limits.

Andrew Wynn
Founder and managing partner at Perwyn

We are delighted to have executed this transaction on behalf of Perwyn. The shares have performed well, up c.60% since we floated the company in December 2017. Having Tencent as a significant shareholder is a positive step for the company as they explore future collaborations and co-development opportunities.

Benjamin Robertson
Head of Equity Capital Markets at Zeus Capital

I would like to thank Perwyn, once again, for their original investment and for their ongoing support of the business.

We are now a public company and, following the recent announcement of our new studio in Warrington in the north west of England, now have ten studios in three countries and reported revenue of more than £38m for the year ended 31 December 2018.
When Perwyn invested in Sumo Digital in September 2016 we were a private company with annual revenue of around £24m and operated from three studios in two countries.

We are delighted that Tencent have chosen to acquire a shareholding in the Company, and we look forward to working with Tencent to explore co-development opportunities.

Carl Cavers
Founder and CEO at Sumo Group

Click to view all articles for the EPIC: ,
Or click to view the full company profile:
    Share on facebook
    Facebook
    Share on twitter
    Twitter
    Share on linkedin
    LinkedIn
    Sumo Group Plc

    More articles like this

    AFC Energy

    AFC Energy hosting virtual Capital Markets event today

    AFC Energy plc (LON:AFC), a leading provider of hydrogen power generation technologies, will today host a virtual Capital Markets Event for investors and analysts at 2pm BST. To view the webcast, investors should join using the following link:

    boohoo Plc

    Boohoo Group revenue up 41% to £1.745 billion

    Boohoo Group plc (LON:BOO) has announced its final results for the year ended 28 February 2021.   2021 2020 Change   £ million £ million   Revenue 1,745.3 1,234.9 +41% Gross profit 945.2 666.3 +42% Gross margin 54.2%

    Inchcape

    Inchcape results ahead of expectations

    Inchcape plc (LON:INCH), the leading independent global automotive distributor, today released its Q1 Trading Update covering the period from 1st January to 31st March 2021. ·    Group revenue £1.9bn: up 2% on an organic basis, and down 3% reported ·    Continued

    TinyBuild Inc. Outlook is very very bright (Analyst Interview)

    TinyBuild Inc (LON:TBLD) is the topic of conversation when Bob Liao, Technology Analyst at Zeus Capital joins DirectorsTalk. Bob provides us with an overview of the company explains what makes the company unique and how Bob sees the outlook for the