Earlier this month, Reuters said that TikTok's parent company ByteDance has been meeting with potential buyers to discuss the sale of its game division Mu Pupil Technology.
According to the latest news from Snow Leopard Financial News agency, ByteDance is seeking to sell Mu Tong Technology for no less than $5 billion (IT home note: current about 35.85 billion yuan), and to this end, Goldman Sachs has been hired as a Financial Advisor (FA) to help find and contact potential buyers.
Two independent sources said that Savvy Games Group (SGG), a unit of Saudi Arabia's sovereign wealth fund PIF, is one of the potential buyers of the deal, and the two sides have had at least one round of contacts on the matter, but have not yet agreed on a deal price.
The report also mentioned that Byte expects the transaction price to be a premium over the $4 billion (currently about 28.68 billion yuan) when it was acquired two years ago. But SGG believes that with Mu Tong's current performance, byte's asking price is too high.
IT Home note: Two years ago, ByteDance acquired the Shanghai-based Mutong Technology studio for $4 billion. Mutong Technology has developed popular mobile games "Magic Rush: heroes", "Dragon War", "Endless Duel" and so on.
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