A consortium of Chinese investors represented by United Luck Group Holdings Ltd has acquired company Outfit7 Investments Ltd, the developer of popular mobile application “My Talking Tom” for $1 billion.
The Chinese consortium, under the leadership of industrialist Ou Yaping, founder of Sinolink Worldwide Holdings Ltd. and other companies, has acquired 100 per cent stake in the Cyprus and London-based firm, Outfit7 said in a release.
The names of the other members of the consortium and other details of the deal were not disclosed.
Founded in 2009, Outfit7 has employees across companies in the UK, Slovenia, China and Cyprus. Sam and Iza Login, co-founders and chief executives of the company previously own majority stake of 60 per cent.
Goldman Sachs International served as exclusive financial advisor and Taylor Wessing LLP as legal advisor to Outfit7and its shareholders.
Outfit7 claims to have over 5.6 billion app downloads of their Talking Tom and Friends franchise worldwide, giving the consortium leverage to expand the brand. Since the original Talking Tom app launch in 2010, Outfit7 has created numerous Talking Tom and Friends branded apps.
Earlier this month, the company also launched My Talking Hank featuring a new take on Outfit7’s signature tamagotchi-style mechanic.
Outfit7’s successful portfolio includes free mobile apps and games, a CGI animated series and web shorts, a global licensing and merchandising programme, and a popular channel on YouTube.
Chinese firms have emerged in the forefront acquisitions in the gaming industry globally
In July last year, a Chinese consortium that included game developer Shanghai Giant Network Technology Co Ltd and e-commerce company Alibaba Group Holding Ltd founder Jack Ma acquired Caesars Interactive Entertainment Inc’s online games unit for $4.4 billion in cash.