Tencent set to buy Sackboy: A Big Adventure developer Sumo

The deal is set to be valued at approximately $1.3 billion.

Tencent is an absolute titan in the video game industry. The company owns a whole list of developers and it's showing no sign of slowing down anytime soon, as Gamesindustry has now reported that Tencent is set to acquire Sumo Group, the same team who delivered Sackboy: A Big Adventure and Crackdown, for $1.27 billion.

According to the report, the deal will not affect Sumo's ability to develop its own IP, or to continue its "work-for-hire projects" that the studio has become known for. Likewise, the acquisition is set to go through Sixjoy Hong Kong Limited, a subsidiary of Tencent, and will make Sumo the latest UK games developer to be acquired for over $1 billion.

"Tencent has a strong track record for backing management teams and their existing strategies", said Sumo CEO Car Cavers in a statement to Gamesindustry. "Alongside the acceleration of own-IP work, Tencent has demonstrated its commitment to backing our client work and has stated its intention to ensure that we have the necessary investment to continue focusing on work with our key strategic partners on turn-key and co-development projects"