Tencent acquires Riot Games

Chinese Internet giant Tencent Holdings has nabbed a majority stake in Riot Games, the dev behind League of Legends. This follows the $8 million drop-in-the-bucket investment Tencent made in Riot back in 2009. Bloomberg reports that although terms weren’t disclosed, “a person familiar with the matter said the companies were negotiating a price of more than $350 million.”

Los Angeles-based Riot Games will maintain independent operations and keep its existing management team, the developer said via statement. It also reportedly plans to hire “aggressively” in 2011.

League of Legends spawned from the free mod of Defense of the Ancients, and counts more than 1 million active players. VentureBeat reports that the deal represents the “biggest cross-border incursion made by a Chinese company in the games business.”