Shareholders in Hong Kong's Leyou Technologies Holdings have approved a deal for Chinese tech and entertainment giant Tencent to buy the company.
The nod was given on Friday, December 11th in an extraordinary general meeting, with Tencent expected to shell out a whopping $1.3bn (HK$10.25bn) via its Image Frame Investment subsidiary. That's based on the offer of HK$3.3219 per share Tencent put on the table back in August.
As of December 23rd, Leyou will be taken private.
This news comes 12 months after the first reports of Leyou being up for sale. Back then, IDreamSky was in talks to snap up the company, before buyout firm CVC Capital Partners joined discussions earlier in 2020.
The COVID-19 coronavirus appears to have put these talks on ice. In July, PlayStation maker Sony put a bid in to buy Leyou, while Zhejiang Century Huatong Group seemingly made an offer earlier in the year.
Tencent joined the list of companies interested in buying Leyou in July of this year.
Leyou was previously an agricultural outfit whose specialist was chicken farming. In recent years, it has bought a number of games companies, including Warframe maker Digital Extremes and UK studio Splash Damage.
The firm is also working on an MMO based on the upcoming Amazon TV adaptation of Tolkien's The Lord of the Rings books.
