Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexCryptocurrenciesCybersecurityPress Releases

U.S. game software developer Unity to set up China JV for expansion

08/09/2022 | 11:03am EDT
FILE PHOTO: Genshin Impact game ad in Hong Kong

BEIJING (Reuters) -Unity Software Inc, the U.S. developer whose software is used in video games like Tencent Holdings' "Honor of Kings", said on Tuesday it had struck a deal to create a joint venture with multiple partners, valued at $1 billion, from its China business.

The announcement follows an exclusive Reuters report last week that Unity was in talks to spin off its China unit to help it expand in the world's biggest games market. [IDL4N2ZD0NA]

Partners in the joint venture include Alibaba Group Holding Ltd, China Mobile Ltd, OPPO, ByteDance's Douyin Group, PCI Technology Group Co Ltd and G-Bits Network Technology Xiamen Co Ltd, Unity said in a statement on its official WeChat account.

The company will retain majority ownership and control of the Chinese JV, Unity said.

The JV, named Unity China, will shortly start building local custom versions of its core products for game developers and will become the exclusive distributor of Unity's products and services in China, according to the statement.

Unity entered China in 2012 and its eponymous software, known as a game engine, powers many of the country's most popular games, including miHoYo's "Genshin Impact".

(Reporting by Brenda Goh in Shanghai, Twinnie Siu in Hong Kong and Ella Cao in Beijing; Editing by David Evans and Jan Harvey)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING LIMITED 0.25% 80.3 Delayed Quote.-32.66%
CHINA MOBILE LIMITED -0.80% 49.5 Delayed Quote.6.62%
TENCENT HOLDINGS LIMITED -0.98% 263.8 Delayed Quote.-41.68%
UNITY SOFTWARE INC. 4.96% 33.49 Delayed Quote.-77.72%
Latest news "Economy & Forex"
12:54pPakistan finance minister sees rupee strengthening vs U.S. dollar
RE
12:50pExclusive-Bertelsmann's RTL scraps plan to sell stake in French TV Group M6
RE
12:49pUBS credit default swaps hit decade high after Credit Suisse blow out
RE
12:44pFTSE 100 Closed Higher as UK Government Drops Income Tax Cut
DJ
12:42pMONEY MARKETS-Euro, yen FX swap rates hit more than two-year highs, flags U.S. dollar funding stress
RE
12:38pRecord 83% of Ukrainians want NATO membership -poll
RE
12:37pS&P 500, Dow jump over 2% to kick-start fourth quarter
RE
12:34pRTL Group To Keep Controlling Stake In Groupe M6
RE
12:34pRtl group sa - rtl group to keep its controlling stake in group…
RE
12:33pPalestinians concerned by possible relocation of UK embassy in Israel
RE
Latest news "Economy & Forex"