ByteDance reportedly looking to sell Moonton Technology for US$5 bln.

ByteDance is reportedly seeking to sell its gaming subsidiary, Mooton Technology, for a price not less than US$5 billion (35.7 billion yuan). The company has enlisted Goldman Sachs as a financial advisor to assist in identifying and contacting potential buyers.

According to two independent sources, Savvy Games Group (SGG), a subsidiary of the Saudi sovereign wealth fund Public Investment Fund (PIF), is one of the potential buyers in this transaction. The two parties have engaged in at least one round of discussions, but a consensus on the transaction price has not been reached.

ByteDance hopes that the transaction price will carry a premium compared to the US$4 billion it paid for the acquisition two years ago. However, SGG believes ByteDance's asking price is too high given Mooton's current performance.