Chinese internet giant Tencent Holdings (0700.HKG) agreed to acquired a 28% stake in South Korea’s CJ Games for around US$500 million, Bloomberg reported. This move echoes the company’s plan to expand its footprint in online and mobile entertainment. The deal includes the purchase of new and existing shares in Seoul-based CJ Games, the companies said on Thursday. The agreement includes the acquisition of the Netmarble portal of CJ E&M, with titles including “Taming Monsters” and “Everybody Cha Cha Cha.” Tencent is making acquisitions to bolster content and location services amid increased competition from Alibaba Group and Baidu (BIDU.NASDAQ).
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