Tencent invests $20m in Korea’s PATI Games
China’s Tencent Holdings has invested KRW20 billion ($20 million) in Korean mobile game developer PATI Games.
With this investment, Tencent has became the second largest shareholder in the company with a 20% stake, local media reported.
"I'm thrilled to have a new growth momentum with the Tencent's investment amid a situation of ever-fierce mobile game competition. We expect the capital infusion will strengthen our mutual relationship," said Lee Dae-hyung, CEO of PATI.
Famous for mobile game titles such a "I Love Coffee" and "I Love Pasta", PATI is preparing to list on the KOSDAQ exchange.
Earlier this year, Tencent paid $500 million for a 28% stake in South Korea's CJ Games. In 2012, the Chinese internet giant teamed up with Korean online games developer Wemade Entertainment to invest KRW92 billion in Kakoo Talk, a popular Korean mobile messaging application.
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