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Tencent Weighing Supercell Deal at $9 Billion Valuation

Tencent Holdings Ltd. is discussing the purchase of SoftBank Group Corp.’s majority stake in Supercell Oy in a deal that may value the Finnish gamemaker at $9 billion, higher than previously thought, according to people familiar with the matter.

The talks are at an early stage and the acquisition may still fall apart, said the people, asking not to be identified because the matter is private. SoftBank acquired a majority interest in Helsinki-based Supercell for about $1.5 billion in 2013, and increased that to 73 percent last year. Bloomberg News reported last month that SoftBank was considering a sale of Supercell, which makes Clash of Clans and other mobile games, and that the deal would value the company at more than $5 billion.

Tencent operates...