UBISOFT ANNOUNCES THE COMPLETION OF TENCENT’S STRATEGIC INVESTMENT IN VANTAGE STUDIOS

Core Insights - Ubisoft has completed Tencent's strategic investment in Vantage Studios, securing a €1.16 billion cash investment, which values Vantage Studios at a pre-money enterprise value of €3.8 billion, marking a significant milestone in Ubisoft's transformation [1][5][4] Group 1: Investment Details - The investment from Tencent will help deleverage Ubisoft's balance sheet and support selected investments across the Group, providing enhanced financial flexibility for strategic transformation [3][5] - Tencent now holds a 26.32% economic interest in Vantage Studios, which remains under Ubisoft's exclusive control [4][5] Group 2: Vantage Studios Operations - Vantage Studios became fully operational on October 1, 2025, focusing on accelerating the growth of Ubisoft's three largest franchises: Assassin's Creed, Far Cry, and Tom Clancy's Rainbow Six [2][5] - The studio operates under principles of autonomy, focus, and player centricity, with a dedicated leadership team [2][5] Group 3: Shareholders' Agreement - The Shareholders' Agreement includes minority protection rights for Tencent, a five-year lock-up on Vantage Studios' securities held by Tencent, and stipulations ensuring Ubisoft maintains majority control for at least two years [6][7] - In the event of a change of control of Ubisoft, there are call and put options related to Tencent's interest in Vantage Studios, with specific pricing mechanisms based on fair market value [7]