Tencent has withdrawn its bid for gaming smartphone company Black Shark after failing to get approval from government authorities. Talks had begun in January 2022 but were stalled by China’s government which refused to let the deal move forward. Now, five months later, Tencent has given up on the potential acquisition.
Tencent was reportedly keen on Black Shark developing virtual reality headsets for metaverse-related content. Following their planned purchase, Tencent wanted to merge Black Shark into their business group led by COO Mark Ren, which had been very interested in establishing a place within the metaverse.
The Chinese internet giant had plans for Black Shark to transform its business from game mobile phones to VR devices and VR portals, and Tencent would provide content.
Now, with the deal officially dead, Tencent will have to look elsewhere for their future VR headset manufacturer.
(All information was provided by TechNode and PanDaily)
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