Alibaba to Sell Lingxi Games in More than $2 Billion Deal, Source Says
Alibaba is divesting the studio as it focuses on artificial intelligence and cloud computing, with reports valuing the deal at more than $1.5 billion.
- On Monday, Alibaba Group agreed to sell its gaming unit Lingxi Games to private equity firm Trustar Capital, formalizing the deal through an internal memo sent to staff by Lingxi CEO Zhou Bingshu.
- Chief Executive Eddie Wu has spent the past year restructuring Alibaba by divesting non-core assets to prioritize artificial intelligence and cloud computing as strategic pillars.
- Reports value the deal between $1.5 billion and more than $2 billion, while Lingxi's flagship 'Three Kingdoms: Strategy Edition' was developed with Japan's Koei Tecmo Holdings.
- Lingxi CEO Zhou Bingshu said Alibaba was "handing over the business to allow it to focus more closely" on strategic priorities, while his management team will continue leading the studio.
- Alibaba targets $100 billion in AI revenue within five years, a goal that dwarfs the gaming sale proceeds; the company's Hong Kong-listed shares rose about 2.67% on the announcement.
33 Articles
33 Articles
Alibaba to sell gaming arm for over $1.5 billion as AI focus deepens
New Delhi: Alibaba Group Holding moved to sell its gaming business, Lingxi Games, in a transaction valued at more than $1.5 billion, as the Chinese technology company sharpened its focus on artificial intelligence and cloud computing. According to media reports, Asian private equity firm Trustar Capital has reached an agreement to acquire Lingxi Games. An internal memo circulated on Monday said that Alibaba had decided to hand over the gaming bu…
Alibaba sells its Lingxi games arm to fund an all-in bet on AI
The Chinese giant is offloading a profitable gaming studio to private equity so it can pour every spare yuan into Qwen and its data centres, though the buyers and sellers cannot agree on what the studio is worth. Alibaba is selling its gaming subsidiary, Lingxi Games, to the Asian private-equity firm Trustar Capital, in a […] This story continues at The Next Web
Alibaba to Sell Lingxi Games in Deal Valuing Studio at Over $1.5 Billion
Alibaba is selling its gaming arm Lingxi Games to Asian private-equity firm Trustar Capital in a deal that could value the studio at more than $1.5 billion, Bloomberg News reported Monday. Trustar...
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