Insight sells Jagex to Shandong

Shandong is a listed ferrous metal mining company headquartered in Shanghai. The company has been suffering from heavy losses in recent years, with losses for 2015 expected to be around $55m.

The deal is part of Shandong's business transformation strategy, which will likely see continued outbound M&A activity.

Previous funding
Insight first invested in Jagex in October 2005, when it acquired 35% of the company. In 2011, the US VC increased its stake to 55%.

Company
Cambridge-based Jagex is a games developer and publisher best known for its multiplayer online role-playing game RuneScape.

Founded in 2001, the company has also developed Block n Load and Chronicle Runescape Legends. It employs 320 people.

People
Insight Venture Partners – Jeff Horing (co-founder); Alex Crisses (vice-president).
Jagex – Mark Gerhard (CEO).

Advisers
Company – Willkie Farr & Gallagher, Gordon Caplan, Matthew Dean (legal).
Equity – Skadden (legal).

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