Garena buys Phoenix Labs; price said to be over US$150m
Deal signals Garena's increased focus on game development; Phoenix has over 100 top "AAA" game developers
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Singapore
GARENA, the gaming arm of Singapore-based Sea Ltd, announced on Wednesday it has acquired gaming developer Phoenix Labs as part of its plans to strengthen its game-developing capabilities worldwide.
The company did not divulge if the deal was a cash or stock deal, but according to sources close to the matter, the New York-listed firm spent over US$150 million to buy 100 per cent of Phoenix Labs.
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