BEIJING (dpa-AFX) - French video game maker Ubisoft revealed that Chinese gaming studio Tencent agreed to invest about 1.16 billion euros, or about $1.25 billion for a 25 percent stake in its new subsidiary.
The Shenzhen-based company will own roughly a quarter of the new business, while Ubisoft will retain the remaining stake. The new subsidiary is valued at around 4 billion euros.
The unit will manage some of Ubisoft's biggest franchises, including Assassin's Creed, Far Cry, and Tom Clancy's Rainbow Six.
Tencent, one of the world's largest video game developers, is also renowned for its internet services, notably the widely used messaging app WeChat.
Ubisoft said that its newly formed unit would 'focus on building game ecosystems designed to become truly evergreen and multi-platform.'
Ubisoft has faced a series of challenges, ranging from financial difficulties to delays in the release of key titles, including its latest game, Assassin's Creed Shadows.
In February, the company reported a 52% decline in fiscal third-quarter net bookings, driven by the underperformance of several major games.
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