Tencent is paying 300 million euros to increase its stake in French rival Ubisoft, but control remains firmly in the hands of the founding Guillemot family. It's a pricey deal that leaves Tencent playing second fiddle, says mak_robyn
has joined as a major shareholder. It's a pricey deal that leaves Tencent playing second fiddle to the founding Guillemot family, which holds the largest voting share.
The Chinese giant is paying 300 million euros for a 49.9% stake in a Guillemot-controlled entity which owns 15% of Ubisoft. That implies a valuation of 80 euros per Ubisoft share, an 84% premium to the last closing price and over 40 times forecast fiscal year March 2023 earnings, per Refinitiv. Tencent will also provide an unsecured loan to refinance debt and "additional financial resources" to buy more Ubisoft equity.
In return, Tencent gets a mere 5% voting stake in the family entity, plus permission to double its direct ownership in Ubisoft to just below 10%. That's subject to a 5-year lockup, though, and Tencent can’t increase that for 8 years, ruling out the transformative takeover some investors had hoped for.
France Dernières Nouvelles, France Actualités
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