TikTok owner ByteDance is allegedly in “advanced talks” to sell Mobile Legends developer Moonton Technology to Savvy Games Group for between $6 billion and $7 billion.

That’s according to Reuters, with sources saying the deal could close by the end of this quarter. The companies have reportedly “reached an initial agreement on [the] broad terms of the deal.”

Savvy Games declined to comment on the matter, while ByteDance and Moonton did not respond to press request for comment.

This follows reports from last November that ByteDance was considering selling the Shanghai-based developer. News of Moonton’s sale began in 2023, two years after ByteDance acquired the developer in 2021.

Reuters noted that if the deal goes through, it “would mark ByteDance’s major retreat from online games.”

The company confirmed it was in discussions to sell its game business in 2024, with Tencent marked as a potential buyer.

Savvy Games Group is owned by Saudi Arabia’s Public Investment Fund (PIF). The company has stakes in Nintendo, Capcom and Nexon, Take Two, Activision Blizzard, and Koei Tecmo.

PIF is part of a group of investors, including Silver Lake and Affinity Partners, that is acquiring Electronic Arts in a deal valued at $55 billion.

It will acquire 100% of EA and roll its existing stake in the company.