The Tencent group announced the acquisition of 3.8% of Remedy Entertainment’s shares from its subsidiary, Accendo Capital. Accendo Capital now owns 14.0% of the Finnish studio.
Remedy Entertainment has been informed that today 18 May 2021, Accendo Capital SICAV RAIF has sold 500,000 Remedy shares, corresponding to 3.8% of outstanding shares and votes, to Tencent Holdings Ltd. Accendo Capital holds approximately 1.8 million shares after the transaction, corresponding to 14.0% of outstanding shares and votes.
Tero Virtala, CEO of Remedy Entertainment said, “This is a capital markets transaction between Accendo Capital and Tencent, and is not connected with the commercial activities at Remedy. We are naturally aware that Tencent has extensive expertise in the industry, so we are honored by their interest in Remedy and happy to welcome Tencent as a new shareholder.”
Bo Wang, Corporate Vice President of the Chinese Giant said, “Tencent has followed Remedy Entertainment’s progress for a period of time and is impressed by what the talented Remedy team has accomplished. Tencent welcomes this opportunity to become a long-term shareholder of Remedy and we look forward to using our industry knowledge to support Remedy in the future.”
Henri Österlund, Founder of Accendo Capital said, “In all our investments we place a high value on having good co-owners and partners helping our portfolio companies to reach their full potential, and we wanted to offer Tencent the possibility to become a meaningful shareholder in Remedy.”
Tencent is a large conglomerate focused on the development of AI, technology, and the video games industry. The Chinese giant recently founded a new game development studio in the US called LightSpeed Studio, the development team will produce AAA games for the PS5 and Xbox Series X.
LightSpeed is established by 2K Games, Respawn Entertainment, Insomniac, and Rockstar Games veterans, the first project will be a new open-world project for the PlayStation 5 and Xbox Series X|S.