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Tencent buys Swedish game developer Sharkmob

Tencent Holdings Ltd. said May 21 it acquired Sharkmob AB, a game developer based in Sweden, for an undisclosed sum.

Founded in 2017, Sharkmob provides cross-play capable and immersive social experiences online for large groups of gamers.

The purchase comes a week after Tencent reported a 2% slip in smartphone game revenue largely due to China's tightened regulation of the game industry.