Tencent has agreed to increase its investment in French video games maker Ubisoft in a deal that values in the family-controlled group at more than €10bn.
The move comes amid a wave of consolidation in the video gaming sector that has seen independent studios snapped up by tech giants. As one of the few remaining independent players making big budget titles, Ubisoft has long been seen as a takeover target, although the founding Guillemot family has long fiercely protected it, including from a raid by Vivendi in 2015.
Under the agreement announced on Tuesday, the Chinese tech giant agreed to pay €300mn to buy a 49.9 per cent stake in Guillemot Brothers Limited, a vehicle that holds some of the family’s shares, but it will have only 5 per cent voting rights in the entity and no board representation.