Ubisoft's board of directors authorized Tencent to double its shareholding to 9.99%.

On the evening of September 6, Beijing time, Ubisoft's board of directors authorized Tencent to double its direct shareholding to 9.99%. Tencent will talk to Guillemot Brothers Ltd, the holding company of Ubisoft. The investment of 300 million euros (including 200 million euros in share purchases and 100 million euros in capital increase) means that Ubisoft is valued at 80 euros per share (43.50 euros closed on September 6). Tencent will acquire a 49.9% stake in Guillemot. Ubisoft's European shares soared 15% in after-hours trading.

There were earlier reports that Tencent was planning to increase its stake in French gaming group Ubisoft and seek to become Ubisoft's largest shareholder. According to sources, Tencent has contacted the family of Ubisoft founder Guillemot and expressed interest in increasing its stake in Ubisoft. At one point, Ubisoft's shares soared 21 per cent after the news.

By 2018, Tencent had acquired a 5% stake in Ubisoft. Ubisoft is the developer of popular global games such as Assassin's Creed, Prince of Persia and Rainbow 6.