BEIJING Unity Software Inc., a U.S. developer of video games like Tencent Holdings' Honor of Kings, said on Tuesday it has struck a deal to create a joint venture with multiple partners, valued at $1 billion, from its China business.
Partners in the joint venture include China Mobile Ltd, Alibaba Group Holding 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.
Unity said the company will retain majority ownership and control of the Chinese JV.
The statement states that the JV, named Unity China, will begin building local custom versions of its core products for game developers and will become the exclusive distributor of Unity's products and services in China.
Unity entered China in 2012, and its eponymous software, known as a game engine, powers many of the country's most popular games, including miHoYo's Genshin Impact.