Alibaba Group is expecting to get more than $2 billion from the sale of its game developer subsidiary Lingxi Games to private equity company Trustar Capital, according to a source familiar with the situation. Trustar announced late on Monday that it has signed an agreement with Alibaba to acquire the internet giant’s full shareholding in Lingxi.
According to the memo, Alibaba will transfer its whole share in Lingxi to Trustar as part of the transaction. The memo did not specify the value of the transaction or when it was intended to close. It also did not provide any information on regulatory approvals or other deal terms. Trustar’s statement did not change.
In the memo, Zhou stated that he and Lingxi’s management team will continue to lead the company, indicating that the studio’s activities would remain unchanged following the ownership transition. Bloomberg News, which first published the document, stated that the transaction would be valued at least $1.5 billion, citing sources.
Lingxi Games, based in Guangzhou, is best known for its multiplayer strategy game “Three Kingdoms: Strategy Edition,” which is set during China’s Three Kingdoms era.The game was created in partnership with Japan’s Koei Tecmo Holdings, whose other titles include “Romance of the Three Kingdoms” and “Nobunaga’s Ambition”.
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