‘Assassin's Creed' Maker Carves Out €4 Billion Unit with Tencent [Yahoo! Finance Canada]
TENCENT HLDGS UNSP/ADR (TCEHY)
NASDAQ:AMEX Investor Relations:
tencent.com/en-us/investor.html
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Source: Yahoo! Finance Canada
Most Read from Bloomberg Tencent Holdings Ltd. will invest €1.16 billion to acquire a 25% stake in the new entity, which will hold licenses for the intellectual property of the games in exchange for a royalty, the Paris-based video game maker said in a statement on Thursday. The deal represents a vote of confidence from Tencent, which already holds a 10% stake in Ubisoft, in the wake of a difficult few years since a pandemic-era lockdowns eased. The unit's €4 billion valuation is higher than the group's current enterprise value, implying Tencent believes the group's shares are undervalued. It is the outcome of a process that started in January, after last year's launch of Star Wars Outlaws disappointed and the release of the latest Assassin's Creed installment was delayed. The company received “multiple expressions of interest” leading to non-binding offers, Ubisoft Chief Financial Officer Frederick Duguet said in a call with reporters. The new unit's valuation is the result of
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