PARIS — In a bid to escape financial woes, French games giant Ubisoft said on Thursday it was creating a new subsidiary around its most popular franchises such as 'Assassin's Creed' in partnership with China's Tencent.
PARIS — In a bid to escape financial woes, French games giant Ubisoft said on Thursday it was creating a new subsidiary around its most popular franchises such as 'Assassin's Creed' in partnership with China's Tencent. The new unit, valued at around 4 billion euros , will be 25-percent controlled by Tencent, which will stump up 1.16 billion euros of new investment in exchange.
The Chinese firm holds almost 10 percent of the group's stock a threshold it is not allowed to cross before 2030 while the founding Guillemot family owns around 15 percent. Breaking the streak Earlier this year, Ubisoft had said that it was 'actively exploring various strategic and capitalistic options.' Finance chief Frederick Duquet said on Thursday that 'we received many expressions of interest that turned into several nonbinding offers for different options.
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