Tencent Completes Strategic Investment in Ubisoft's Vantage Studios

Ubisoft has announced the completion of Tencent's strategic investment in Ubisoft Nova SAS, also known as Vantage Studios, which is built around the Assassin's Creed, Far Cry and Tom Clancy's Rainbow Six franchises. The investment, announced in March 2025, amounts to €1.16 billion in cash. "The investment values Vantage Studios 1 at a pre-money enterprise value of €3.8 billion and marks a significant milestone in Ubisoft’s transformation, strengthening its balance sheet, crystallizing the value of its world-class IP, and positioning its flagship franchises for long-term growth", wrote the French company. The proceeds from this transaction will reduce the Group's debt on a consolidated non-IFRS basis while supporting selected investments and providing enhanced financial flexibility to facilitate its strategic transformation.

Following the completion of the investment, Tencent holds a 26.32% economic interest in Vantage Studios, which remains exclusively controlled and consolidated by Ubisoft.

Vantage Studios has been operational since 1 October 2025. Its objective is to accelerate the growth of Ubisoft's three largest franchises and help them build billion-euro brand ecosystems. Vantage is led by a dedicated leadership team comprising two co-CEOs, Charlie Guillemot and Christophe Derennes, as well as Heads of Franchises. The company will also be overseen by an advisory committee. Vantage Studios is also a key pillar of Ubisoft's new operating model, which is built around Creative Houses and is designed to foster a stronger creative vision, as well as greater focus, efficiency, autonomy, and accountability. This new operating model will be finalised by the end of the year and unveiled in January.

Yves Guillemot, Co-Founder and Chief Executive Officer of Ubisoft: "I am very pleased to announce the closing of our strategic partnership with Tencent, which now becomes a minority shareholder in our new subsidiary, Vantage Studios. Today’s closing crystallizes the value of our world-class IPs and marks a pivotal milestone in Ubisoft’s ongoing transformation. It also brings in €1.16 billion of proceeds that deleverages the Group, strengthens our balance sheet and will support selected investment opportunities across the rest of the company. Vantage Studios [and its subsidiaries], fully operational since October 1st under a dedicated leadership team, embodies the principles of autonomy, focus and player centricity, with clear accountability. It brings our Creative Houses model to life with the ambition to accelerate the growth of our flagship franchises on their path to becoming annual billion-euro brands."

Martin Lau, President of Tencent: "Tencent is delighted to be building on our strong relationship with Ubisoft through this investment in the launch of Vantage [and its subsidiaries]. With its capable team and world-class creative vision, we look forward to Vantage Studios accelerating the growth of Assassins Creed, Far Cry, and Rainbow Six as evergreen platforms providing entertainment and inspiration to generations of players."