Tencent acquires 20% stake in S.Korean developer Shift Up

Chinese multinational tech conglomerate Tencent Holdings has acquired a 20% stake in video game developer Shift Up, becoming the second largest shareholder in the South Korean studio, as reported by the South China Morning Post.

Per report, the companies made the deal before the studio’s new third-person shooter game Goddess of Victory: Nikke was released in November. Developed by Shift Up and published by Tencent Games, the title has surpassed $100 million in consumer spending in just a month.

The acquisition marks Tencent’s continued efforts to grow its footprint in the global gaming industry.

Earlier this year, the tech giant bought a minority stake in Mordhau-maker Triternion, raised its stake in Ubisoft through a $297 million investment, and acquired a 30% stake in FromSoftware for $259.5 million together with Sony.