Chinese Swoop in British innovation

Tencent is making a swoop for taking over  British innovative video games developer Sumo 919m  and  Innovative podcast platform Audioboom  £188m  acquired by Investment firm All Active Asset Capital, total worth more than £1.1bn.

The two deals take the combined total Value of bids and deals for UK companies so far  this year to more than £ 70bn including one backed by 120 private equity firms.

Tycoon Nick Candy, owns Audioboom, which hosts shows  including An Hour or So with Sue Perkins.

Candy Ventures, which Candy owns 90 per cent stands to see its Audioboom valued as £26.3m after all Active offer 35 per cent premium on Friday’s closing price.

Sheffield-based Sumo  Group is set to be acquired by Tencent in a proposed takeover deal at 513p per share representing a premium of 45 per cent on Sumo’s closing price on Friday.