A lossmaking Chinese miner is snapping up a British computer games developer in a $300m deal that encapsulates the spirit of China’s frenzied, and often incongruous, debt-fuelled shopping spree.
The deal, which will see a fantasy games developer bed down with an iron ore miner, comes as insurer Anbang gatecrashes a $13bn deal for Starwood Hotels and Resorts; itself barely 24 hours after sewing up a $6.5bn bid for Strategic Hotels & Resorts.
A total $102bn of outbound dealmaking has been announced from China so far this year, according to Dealogic, already almost as much as the record $106bn spent in 2015.
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