Goldsmiths to sell online gambling business for £5.5bn

Posted November 01, 2019 10:24:52A company that makes games for the internet is to sell its online gambling platform for £1.5 billion.

The firm, Games Workshop, is selling its gaming business to Chinese conglomerate Anbang Group after nearly seven years in operation.

The deal is worth £4.6 billion.

It will see Games Workshop make a significant investment in new technology, including virtual reality headsets and virtual reality servers, and a dedicated gaming desk, it said.

The company said it planned to invest at least £2 billion in the UK and around a dozen countries over the next two years, including investing in gaming-focused businesses.

It said the deal would create a “multi-channel entertainment business with a significant presence in the Chinese gaming market”.

In addition to the UK, the deal includes Australian and US investors.

In addition, Anbang said it would also buy the rights to games including Warhammer: Age of Sigmar and Lord of the Rings Online, which have been sold in the past.

The acquisition is the latest in a string of strategic moves by Anbang, whose businesses include mobile gaming, digital content, entertainment, e-commerce and mobile applications.

Anbang also owns the online gaming service Gameloft.