* Terms of deal not disclosed -Riot Games
* Riot Games to maintain independence, management
NEW YORK Feb 4 Chinese Internet company
Tencent Holdings (0700.HK) has acquired a majority stake in
Riot Games, the video game developer and publisher said on
Tencent controls about one-third of China's online gaming
market and runs the country's largest online messaging
Financial terms of the deal were not disclosed.
Bloomberg News, citing a person with knowledge of the
negotiations, reported earlier that Tencent was near a deal to
acquire Riot Games for more than $350 million.
Last year Tencent bought a stake in Russia's Digital Sky
Japanese mobile social gaming company Gree Inc (3632.T)
said last month that it would share a common development
platform with Tencent, China's largest Internet company by
Riot Games will maintain independent operations and its
existing management team, it said in a statement. It plans to
hire "aggressively" in 2011, it said.
The transaction is expected to close within 30 days,
subject to regulatory approvals, Riot Games said.
(Reporting by Clare Baldwin; editing by Carol Bishopric)