The China-based internet technology firm NetEase, which trades on the Nasdaq and Hong Kong stock exchanges, said its gaming division has acquired the Burnaby-based game studio, which has worked on games including Halo Infinite and Minecraft. NetEase is not disclosing the financial terms of the deal, said spokesperson Alexandru Voica in an email to The Logic. (The Logic)
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The China-based internet technology firm NetEase, which trades on the Nasdaq and Hong Kong stock exchanges, said its gaming division has acquired the Burnaby-based game studio, which has worked on games including Halo Infinite and Minecraft. NetEase is not disclosing the financial terms of the deal, said spokesperson Alexandru Voica in an email to The Logic. (The Logic)
Talking point: SkyLabs will operate independently and its three co-founders will continue to lead it, NetEase said in a release. NetEase will offer support with resources to help the studio scale faster, including hiring more staff in Canada. “There will be no job reductions as a result [of] this deal,” Voica said. NetEase and its Chinese competitor Tencent have both been acquiring gaming studios abroad amid a domestic market slowdown and tougher regulations. A Tencent subsidiary announced in 2021 plans to open a Montreal office. The company also acquired a majority stake in Sweden’s Sunlock Studios, and bought the U.K.’s Sumo Group.
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