One of Los Angeles’ top start-ups is now completely off the block.
Riot Games Inc., maker of the online battle game “League of Legends,” recently sold the last 7% of shares held by the company and employees to Tencent Holdings, giving the Chinese conglomerate complete ownership. Tencent first invested in Riot in 2009, eventually spending $232 million in cash in 2011 to take majority control. Terms of the latest purchase were not disclosed.
Riot is keeping quiet about why it sold off the last share block. Here are three possible ways to read the deal: one great, one good, one ugly.