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Trustar Capital will acquire Alibaba's gaming unit, Lingxi Games, to support the company's transition toward artificial intelligence. The transaction is valued at a minimum of $1.5 billion, although a source told Reuters the deal exceeds $2 billion.
This divestment allows the Chinese e-commerce leader to shift its corporate focus and prioritize investments in the AI sector. The company aims to use the proceeds from the gaming arm's sale to accelerate this pivot.
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Key sources
- SOURCE@business“boost the Chinese e-commerce leader’s pivot to AI”x.com
- SUPPORT@reuters“more than $2 billion deal”x.com
- SUPPORT@wsj“shifts its focus to artificial intelligence”x.com
- SUPPORT@cointelegraph“selling its gaming arm to Trustar Capital”x.com
- SUPPORT@straits_times“sell gaming arm for US$1.5 billion in boost to AI pivot”x.com