China Clears Savvy’s $6 Billion Moonton Acquisition

By Tom Whitfield

China’s market regulator unconditionally approved Savvy Games Group’s purchase of Moonton after concluding its review on Oct. 29 and disclosing the decision on Nov. 6; ByteDance’s reported deal value exceeds $6 billion. The clearance advances the sale but leaves other approvals and customary closing conditions outstanding.

What did China clear?

China’s decision removes one regulatory obstacle, but it does not complete the transaction. Skadden, ByteDance’s legal adviser on the sale, said the deal remains “subject to customary closing conditions, including certain regulatory approvals.” Neither company has announced a closing date, and Moonton will become a wholly owned Savvy subsidiary only when the sale closes.

TechNode reported the regulator’s decision, citing the Oct. 29 review conclusion and Nov. 6 disclosure. The regulator attached no conditions to its own decision, yet other regulatory approvals and customary closing conditions can still prevent immediate completion.

ByteDance announced a final agreement in March to sell Moonton to Savvy, a subsidiary of Saudi Arabia’s Public Investment Fund. The reported price was more than $6 billion, making the transaction one of Savvy’s largest purchases. China has removed one regulatory obstacle, while the ownership transfer still awaits completion.

What is ByteDance selling?

Moonton develops Mobile Legends: Bang Bang, a mobile multiplayer battle arena game with a large following in Southeast Asia. Players have downloaded the title 1.5 billion times.

The 1.5 billion count measures cumulative downloads, not a disclosed number of unique or active players. It says nothing by itself about Moonton’s revenue, profitability or engagement levels.

ByteDance bought the Shanghai studio in 2021 for about $4 billion. The two reported transaction figures imply a sale price roughly 50% above that purchase cost. That premium measures the change in deal value, not Moonton’s operating performance.

For a buyer, the measurable draw is 1.5 billion downloads and a large Southeast Asian following. The headline valuation is clear, while Moonton’s operating economics remain undisclosed.

Why did ByteDance sell Moonton?

ByteDance tried to sell Moonton in late 2023. Bloomberg reported that negotiations with Savvy stalled over valuation before they resumed, and the parties reached their final agreement in March for more than $6 billion.

The sale completes ByteDance’s divestment of its core gaming assets. ByteDance had shut its Nuverse games arm around 2023, and Nuverse published Marvel Snap.

Until closing, ByteDance still owns Moonton, so the core gaming exit remains incomplete. ByteDance’s gaming exit now depends on completing the sale, not on finding another buyer.

How large is the purchase for Savvy?

Moonton would rank among Savvy’s largest purchases. Savvy bought mobile publisher Scopely for $4.9 billion in 2023.

Scopely bought Niantic’s games business, including Pokémon Go, for $3.5 billion last year. Savvy also owns esports operator ESL FACEIT Group.

The acquisition would place Mobile Legends alongside those mobile publishing, Pokémon and esports holdings. The $6 billion deal is larger than either cited acquisition, though the $3.5 billion Niantic purchase sits within Scopely. Savvy is adding a major mobile title to an existing games and esports portfolio.

When can the deal close?

The Chinese regulator’s action covers one of the approvals contemplated by Skadden. Other required approvals and customary closing conditions still stand between the signed agreement and completion.

Until the conditions are satisfied, Savvy will not control Moonton or its 1.5 billion-download title. Neither company has announced a closing date, leaving no timetable for ownership to change. The next test is execution: Savvy must clear the remaining conditions before Moonton and its 1.5 billion downloads join a portfolio built through $4.9 billion and $3.5 billion acquisitions.