Alibaba to sell Lingxi Games for more than $2 BN

Alibaba is ‌expected to reap more than $2 billion from the sale of its game developer unit Lingxi Games to private equity firm Trustar Capital, reports Reuters.

Trustar said late on Monday it had reached a transaction agreement with Alibaba to acquire the tech giant’s entire stake in Lingxi.

Alibaba and Trustar reached ​a formal agreement after several rounds of talks, according to an internal memo sent to Lingxi staff on Monday by the ​game developer’s CEO Zhou Bingshu and reviewed by Reuters. Zhou said in the memo that he and Lingxi’s management team would continue to lead the company, signalling continuity in the studio’s operations following the ownership change.