Tencent Takes 29 Percent Stake in Games Maker Funcom

Gaming

China’s Tencent Holding has agreed to buy a 29 percent stake in Oslo-listed computer games developer Funcom, becoming the biggest shareholder, Funcom said on Monday.

Tencent, itself a major distributor of online games, bought the shares from KGJ Capital AS at a 21.8 percent premium over Friday’s closing price, valuing Funcom at NOK 1.22 billion ($134.33 million).

Based in the Netherlands, Funcom is the developer of a range of online games, including adaptations of the Conan the Barbarian franchise.

“The insight, experience and knowledge that Tencent willbring is of great value to us and we look forward to working closely with them,” Funcom Chief Executive Rui Casais said in a statement.

Funcom’s shares rose by 23 percent in early trade, hitting a 10-week high of NOK 15.95.

© Thomson Reuters 2019

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and subscribe to our YouTube channel.

iPhone Lineup May Get LED-Illuminated Apple Logo, Patent Tips

iOS 13 iPhone Touch ID Bug Makes It Difficult to Log Onto Third-Party Apps, Users Report

Products You May Like

Leave a Reply

Your email address will not be published. Required fields are marked *