ArticleUbisoft
Ubisoft Announces the Completion of Tencent’s Strategic Investment in Vantage Studios
1 Nov 20253 pages~8 min full read
Tencent has invested €1.16 billion into Ubisoft’s new subsidiary, Vantage Studios, valuing the entity at €3.8 billion pre-money.
See it on page 1Tencent holds a 26.32% economic interest in Vantage Studios, while Ubisoft retains exclusive operational control and consolidation rights.
See it on page 1Vantage Studios is built around Ubisoft’s three primary intellectual properties: Assassin’s Creed, Far Cry, and Tom Clancy’s Rainbow Six.
See it on page 1The investment proceeds will be used to deleverage Ubisoft’s balance sheet and support a broader strategic transformation of the company.
See it on page 1Led by co-CEOs Charlie Guillemot and Christophe Derennes, Vantage Studios operates under a new 'Creative Houses' model focused on autonomy and efficiency.
See it on page 1The agreement includes a five-year lock-up period for Tencent’s securities and establishes call and put options triggered by a change of control at Ubisoft.
See it on page 2Ubisoft has finalized a strategic investment from Tencent into Ubisoft Nova SAS, a newly established subsidiary known as Vantage Studios. This entity is built around the company’s three most prominent intellectual properties: Assassin’s Creed, Far Cry, and Tom Clancy’s Rainbow Six. Tencent has provided a cash investment of €1.16 billion, valuing Vantage Studios at a pre-money enterprise value of €3.8 billion. Following the transaction, Tencent holds a 26.32% economic interest in the subsidiary, while Ubisoft retains exclusive control and consolidation rights.
The primary objective of this partnership is to accelerate the growth of these flagship franchises into billion-euro brand ecosystems. Based in France and led by co-CEOs Charlie Guillemot and Christophe Derennes, Vantage Studios serves as a key pillar of a new operating model centered on Creative Houses. This model emphasizes autonomy, efficiency, and player-centricity. Financially, the proceeds are intended to deleverage the Group’s balance sheet on a consolidated non-IFRS net debt basis and provide the flexibility necessary to support a broader strategic transformation.
The agreement includes specific governance and share transfer provisions, such as a five-year lock-up period for Tencent’s securities and customary minority protection veto rights. Furthermore, the deal establishes mechanisms for call and put options in the event of a change of control at Ubisoft. This transaction marks a significant milestone in crystallizing the value of Ubisoft’s world-class IP while positioning its most successful franchises for long-term, sustainable growth within the global gaming market.
