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A report from The Wall Street Journal indicates Tencent Holdings is near to closing a deal to acquire as much as 10% in Bluehole Inc., the company behind PUBG .

The deal could be worth over $500M, and could value the South-Korean game developer at more than $5B.

The sale is meant to give early Bluehole investors a chance to cash out on shares.

Ever since Bluehole Studios hit big with its battle royale title PLAYERUNKNOWN’S BATTLEGROUNDS , multiple news outlets (The Esports Observer included) have covered rumors that Tencent Holdings was looking to acquire shares in the South Korean studio. Now, a new report from The Wall Street Journal says the Chinese holding company is near to closing an acquisition deal for 10% in Bluehole, for more than $500M.

The acquisition could value Bluehole at more than $5B, according to the report—the company was last valued at up to $3.7B by private investors. According to WSJ’s sources, the sale is not to raise capital, but to give Bluehole’s early investors a chance to cash out some of their shares.

[perfectpullquote align=”right” cite=”” link=”” color=”” class=”” size=””]The Tencent led-deal will reportedly include participation from a number U.S. VC firms.[/perfectpullquote]

The report also notes that the Tencent led-deal will include participation from a number U.S. venture-capital firms. Most of Bluehole’s existing investors are South Korean VC firms—it isn’t known if these will be the one selling shares.

According to WSJ’s source, Tencent has never directly bought a stake in Bluehole, which on top of PUBG has produced multiple MMORPGs and mobile games. This contradicts previous reports from multiple Korean outlets, in May, that already reported on Tencent’s plan to spend roughly $470M to acquire 10% of Bluehole, adding to an existing minority share of 1.5% bought for 70B won last year. All parties involved denied to comment officially, however.

Currently Bluehole’s main, public tie to Tencent is a licensing deal to bring PUBG to the Chinese market, and to produce a mobile version of the game. Chinese regulators have so far prevented Tencent from publishing the original PC version of PUBG in the country, as well as rival battle royale title Fortnite . Tencent bought 48% of Fortnite developer Epic Games for $330M in 2012, and has pledged a $15.8M spending plan for Fortnite’s release in China.

To complicate matters further, Bluehole’s PUBG subsidiary is now suing Epic Games Korea for copyright violations. This wouldn’t be the first time Tencent became involved in such a legal battle—Riot Games (entirely owned by Tencent) laid claims against Shanghai Moonton Technology’s Mobile Legends game, over its similarity to League of Legends .