unity: the American video game software developer Unity will create a joint venture in China for its expansion

Unity Software Inc, the US developer whose software is used in video games like Tencent Holdings’ “Honor of Kings,” said on Tuesday it had reached an agreement to form a joint venture with multiple partners valued at $1 billion. , from its activity in China. .

The announcement follows an exclusive report from Reuters last week that Unity was in talks to spin off its Chinese unit to help it expand into the world’s biggest games market.

Joint venture partners include Alibaba Group Holding Ltd, China Mobile Ltd, OPPO, ByteDance’s Douyin Group, PCI Technology Group Co Ltd and G-Bits Network Technology Xiamen Co Ltd, Unity said in a statement on its official WeChat account.

The company will retain majority ownership and control of the Chinese joint venture, Unity said.

The joint venture, named Unity China, will soon begin creating local custom versions of its core products for game developers and will become the exclusive distributor of Unity’s products and services in China, according to the statement.

Unity entered China in 2012, and its eponymous software, known as the game engine, powers many of the country’s most popular games, including miHoYo’s “Genshin Impact.”

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