China’s largest Internet company Alibaba has invested $ 120 million in American Kabam. The deal raised the value of the game studio to $1 billion, according to its CEO Kevin Chou.
The conclusion of an agreement between the companies became known at the ChinaJoy exhibition currently taking place in Shanghai. Nothing is known about the details of the deal yet, except that Alibaba has obtained the rights to publish Kabam games in the Chinese market.
For both Alibaba and Kabam, this is far from the first major deal this year. The Chinese Internet giant bought UCWeb for $630 million in June, and the Americans purchased Phoenix Age studio for $90 in March.
Source: http://venturebeat.com