Chinese technology giant Alibaba has agreed to sell its video game development division Lingxi Games to Hong Kong-based investment fund Trustar Capital.
Modern.az reports that Bloomberg and The Wall Street Journal (WSJ) have published information on this, citing the fund's internal documents and sources.
According to the information, Alibaba will receive at least $1.5 billion after the deal is completed.
The WSJ writes that the sale is an indication of the company's focus on artificial intelligence and cloud technologies. In recent years, Alibaba has been trying to either make profitable or sell its assets that are not related to its main activities.
The company sold its retail assets Sun Art and Intime for $2.4 billion at the end of 2024.
Among the games developed by Lingxi Games is the popular strategy game Three Kingdoms: Strategy Edition.
According to analysts' calculations, the division's revenue last year was between $450-600 million.
According to sources, Alibaba had been looking for a buyer for Lingxi Games for some time.
