×

Tencent Bids for Control of Funcom ‘Conan’ Games Developer

China’s social media and gaming giant Tencent is bidding to buy control of Funcom, developer of the “Conan” and “Dune” games. The bid values the Norwegian company at $148 million.

Tencent already owns 29% of Funcom, and its bid has been unanimously approved by Funcom’s board of directors. No management changes are planned.

The shares of Funcom are listed on the stock exchange in Oslo. Tencent’s bid of NOK17 per share is approximately 27% higher than the stock’s closing price on Tuesday, before the bid was announced.

“We have had a great relationship with Tencent as our largest shareholder so far and we are excited about this opportunity,” said Funcom CEO Rui Casais in a statement published on its website. “We will continue to develop great games that people all over the world will play, and we believe that the support of Tencent will take Funcom to the next level. Tencent will provide Funcom with operational leverage and insights from its vast knowledge as the leading company in the game space.”

Listed in Hong Kong, and with a market capitalization of $473 billion (HK$3.68 trillion), Tencent is a shareholder in many leading gaming developers. It has stakes in companies including Riot Games, Epic, Supercell, Ubisoft, Paradox and Frontier.

Popular on Variety

More Gaming

  • Scopely founders

    Mobile-Games Company Scopely Raises $200 Million From Chernin Group, Advance

    Scopely, a mobile-games developer, announced an additional $200 million as part of its Series D funding round from Advance, whose holdings include Condé Nast, and Peter Chernin’s The Chernin Group (TCG). The new funding doubles the size of the original $200 million Series D round Scopely announced last fall and brings the company to over [...]

  • Games to Get Lost in

    The Best Video Games to Get Lost in While Self-Isolating

    “Animal Crossing: New Horizons” finally released on Friday, giving players the opportunity to travel to an island paradise and build a community there. For gamers with fairly different tastes, on that same day, “Doom: Eternal” also debuted, allowing those at home to battle through the demonic forces of hell. Either way, it’s an escape. And for [...]

  • Activision-Blizzard-Overwatch-League-Grand-Finals-2018

    Overwatch League Cancels All March, April Events Due to Coronavirus

    The Overwatch League has cut all of its events through March and April, another major cancellation in gaming and esports as the industry grapples with COVID-19 (coronavirus). Activision Blizzard announced the move with a statement on Wednesday, the same day the World Health Organization declared coronavirus a global pandemic. The publisher said it’s monitoring “city-level [...]

  • E3 2019

    E3 2020 Canceled After 'Overwhelming Concerns' About Coronavirus

    E3 organizers, bowing to the inevitable, announced that this year’s video-games conference scheduled for June in L.A. has been canceled because of the ongoing coronavirus epidemic. Last year’s Electronic Entertainment Expo, better known as E3, drew 66,100 attendees. The 2020 gaming showcase had been scheduled to run June 9-11 at the Los Angeles Convention Center [...]

  • Jeff Sagansky Harry Sloan

    Jeff Sagansky, Harry Sloan Partner on $600 Million IPO

    Veteran Hollywood executives Jeff Sagansky and Harry Sloan are launching Flying Eagle Acquisition Corp. with a $600 million initial public offering. It’s the sixth public acquisition vehicle since 2011 launched by Sagansky and Sloan. These kind of acquisition companies have gained in popularity in recent years as a means for investors to participate in new [...]

More From Our Brands

Access exclusive content