ByteDance has struck a deal to sell its gaming studio Moonton to Savvy Games Group, a Saudi gaming company owned by the country’s sovereign wealth fund, for more than US$6 billion, according to information from the two sides on Friday.

Moonton, known for the popular online battle title Mobile Legends: Bang Bang, recently signed an agreement to sell to Savvy, owned by Saudi Arabia’s Public Investment Fund, Moonton CEO Zhang Yunfan said in an internal memo on Thursday seen by the South China Morning Post.

A Savvy representative said in an email to the SCMP that the deal was worth more than US$6 billion, adding that the company would complete the acquisition “over the coming months”. ByteDance acquired Moonton in 2021 at a valuation of around US$4 billion, Reuters reported.

Both sides said that Zhang would stay on as Moonton’s CEO, and the management team would remain unchanged. Zhang said in the memo that the studio would continue to be based in Shanghai.

Upon completion of the transaction, the firm would provide employees with incentives, including “accelerated vesting and payout of certain long-term incentives granted in the past”, Zhang said.