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VK sells gaming division My.Games for $642 million — company

The deal value amounted to $642 million

MOSCOW, September 27. /TASS/. VK, one of the largest technology companies in Russia, has sold its gaming division My.Games to Aleksander Chachava, managing partner of the Leta Capital venture capital fund, for $642 million, the company said in a press release on Tuesday.

"VK announces the completion of a multi-stage selection procedure of a buyer of its gaming division with the sale of 100% of My.Games to Aleksander Chachava, Managing partner of Leta Capital. The deal includes all the assets of My.Games such as its studios and game products.

The deal value amounted to $642 million," the company said adding that Vladimir Nikolskiy, the co-founder of My.Games, will leave VK to continue to develop My.Games.

"VK will continue to develop its own gaming services under the VK Play brand. VK Play is the largest Russian game platform, launched in April 2022. It brings together all the popular game-related entertainment into one place and includes a catalog of games, cloud gaming, VK Play Live streaming platform, tournament platform and news media. Vasily Maguryan will be appointed the head of VK Play. He has been in charge of VK's gaming business for more than eight years," according to the press release.

The venture capital firm Leta Capital invests in the technologies, its priority areas are projects in the field of AI/ML technologies, process automation, Big Data analytics, gaming and VR/AR. The portfolio managed by Leta Capital includes more than 30 companies.