According to people familiar with the matter, Asian private equity firm Trustar Capital is close to reaching a deal to acquire Alibaba Group's gaming business. The above sources said that Trustar has defeated many bidders, including other game developers, to become the most likely buyer to acquire Lingxi Mutual Entertainment. Due to the sensitive nature of the information, these individuals requested anonymity. The deal could value the studio in excess of $1.5 billion. They also said that relevant negotiations are still ongoing and no final decision has yet been made.

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