FILE PHOTO: People visit Tencent’s booth at the World 5G Exhibition in Beijing, China, Nov. 22, 2019. REUTERS/Jason Lee
TOKYO (Reuters) – Shares in Japan’s Marvelous Inc on Tuesday closed up 17% at their daily limit of 682 yen after the games maker announced China’s Tencent Holdings Ltd would take a 20% stake.
Tencent will spend around 7 billion yen ($65 million) acquiring shares from Marvelous and its largest shareholders, Amuse Capital and its chief executive, Hayao Nakayama, a former Sega executive whose son founded Marvelous. It will pay 576 yen each – 1% below Monday’s undisturbed closing price.
Marvelous said in a stock exchange filing it plans to use the funds to launch games franchises and for overseas expansion of current titles, which include farming simulator Story of Seasons: Friends of Mineral Town for Nintendo Co Ltd’s Switch console and cross-platform shooter Daemon X Machina.
The investment is the