Tencent has announced that they will acquire Sumo Group, the UK developer behind LittleBigPlanet 3 and Sackboy A Big Adventure. The China-based megacorporation is reportedly spending US$1.26 billion for the acquisition.

Tencent already owns League Of Legends studio Riot Games and has shares in several other video game companies. These include Epic Games, Activision Blizzard, Ubisoft, Bluehole, Paradox Interactive, Supercell, Grinding Gear Games, Yager, and Bohemia Interactive.

While Sumo is best known for PlayStation exclusive IPs like LittleBigPlanet 3 and Sackboy A Big Adventure, they also developed Hitman 2 and Crackdown 3.

In a statement to Engadget, Sumo non-executive chairman Ian Livingstone said:

“The business will benefit from Tencent’s broad videogaming ecosystem, proven industry expertise and its strategic resources, which will help secure and further the aspirations and long-term success of Sumo.”

This year has been a huge year for gaming industry acquisitions. The most high-profile ones so far have been Microsoft’s acquisition of Bethesda, EA’s for racing game developer Codemasters, Epic Games’ of Fall Guys developer Mediatonic, Sony’s of Returnal developer Housemarque.