Home » Game News » Sources said Garena's acquisition of game developer Phoenix Labs was worth more than $ 203.7 million, company and market news & top news

Sources said Garena's acquisition of game developer Phoenix Labs was worth more than $ 203.7 million, company and market news & top news

Singapore (opening hours)-Garena, the gaming division of Singapore's Sea Ltd., announced Wednesday (January 29) that it has acquired game developer Phoenix Labs as part of its plan to strengthen its game development capabilities globally.

The company did not disclose whether the transaction was a cash or stock transaction, but according to people familiar with the matter, the New York-listed company spent more than $ 150 million (S $ 203.7 million) on 100% of Phoenix Labs.

The Canadian-based game developer supports Dauntless, a free-to-play monster hunting game currently released by Epic Games. After the acquisition, the game will still be distributed on the Epic platform, which also includes other online video games such as Fortnite.

Garena has established its own game distribution base, including titles such as League of Legends, Valiant Arena, and FIFA Online 4. However, the new acquisitions of companies supported by Tencent also show that there is also an increasing emphasis on game development in order to fight for a larger share of the gaming industry, which is expected to reach $ 300 billion by 2025.

Garena said that through the strategic partnership, the team will work together to add more features to Dauntless and explore new growth opportunities in markets such as Asia and Latin America. With previous experience with its popular mobile game Free Fire, Garena may also want to expand the distribution of Dauntless to include phones.

All Phoenix Labs employees-more than 100 top "AAA" game developers-will now also join Garena.

"Our skills are highly complementary, and we see our team exploring many exciting opportunities together," said Forrest Li, founder and CEO of Sea Ltd.

Garena was one of the earliest investors of Phoenix Labs in 2015 and has supported the company's growth and Dauntless development over the past few years.

"In the past few years, we have witnessed Phoenix Labs growing into one of the best development teams in the industry and launching an exciting title in Dauntless," said Mr Li.



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