France · Competition
Tencent put €1.163 billion into Vantage Studios while Ubisoft kept control
Ubisoft's November 2025 closing disclosure says Tencent subscribed for 26.32% of Vantage Studios' capital and votes. The subsidiary groups teams working on three franchises, and its shareholder agreement assigns separate protections to the two investors.
Sources checked
- 01Initial agreement
Approximately 25% economic interest announced · 27 March 2025 Source 1
- 02Studio launch
Vantage Studios publicly introduced · 1 October 2025 Source 2
- 03Share subscription
€1.163 billion for 26.32% of capital and votes · 21 November 2025 closing Source 3
- 04Tencent lock-up
Five years, subject to Ubisoft retaining its majority · From completion Source 3
- 05Ubisoft majority undertaking
Two years · From completion Source 3
- 06Advisory committee
Supervisory role without management power · Shareholders' agreement Source 3
The capital share, the voting share and the ability to transfer shares are all documented.
The investment went into a defined subsidiary
The closing release identifies Vantage Studios as Ubisoft Nova SAS, built around Assassin's Creed, Far Cry and Tom Clancy's Rainbow Six. The launch record places teams across Canadian and European studios. The investment acquired newly issued Vantage shares. Source 2 Source 4 Source 3
The published percentages have different descriptions
The March release referred to an approximate 25% economic interest. The closing disclosure gives 26.32% of issued capital and voting rights. Each percentage should be read with its own definition and date. Source 1 Source 3
Minority protections coexist with Ubisoft control
Ubisoft stated that the subsidiary would remain under its exclusive control and be consolidated in its accounts. Tencent received certain veto and consent rights under the shareholder agreement. The advisory committee had oversight responsibilities and no management power. Source 1 Source 3
The transfer conditions protect both holders
Tencent agreed to a five-year lock-up subject to Ubisoft keeping majority ownership. Ubisoft agreed to retain a majority for two years. Tencent also has a right to join a sale that removes Ubisoft's control, while Ubisoft can require a sale in defined circumstances involving a qualifying third-party offer. Source 3