Tencent Trying to Expand Empire By Acquiring Full Ownership of Funcom
Tencent Trying to Expand Empire By Acquiring Full Ownership of Funcom
Chinese technology company Tencent is attempting to acquire full ownership of Conan Exiles developer Funcom by buying out the current shareholders.
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Internet company Tencent is attempting to expand its large empire by acquiring Norwegian video game company Funcom. Tencent is currently the world’s largest video game company with a very large stake in several other companies in the industry. The company is a shareholder for developers like Riot Games, Epic, Supercell, Ubisoft, Paradox, and Frontier.
At the moment Tencent has a 29% stake in Funcom. Funcom was founded in 1993 and quickly became one of the leading video game developers in Europe. Most video game players probably know the company from its string of very successful MMOs like Age of Conan and Anarchy Online. Anarchy Online in particular achieved huge successes despite having a very rocky launch. It is now one of the longest running MMO games of all time. Funcom went on to win more mainstream success with the release of Conan Exiles in 2017, as the game sold over one million copies in its first year.
According to Funcom, the company is very excited for Tencent’s takeover. The CEO of Funcom, Rui Casais, states that Funcom has an excellent working relationship with Tencent, and that it will allow them to achieve higher goals. Casais states that Tencent will provide Funcom with “operational leverage and insights from its vast knowledge as the leading company in the game space.” Essentially Tencent has a vast amount of money and power in the industry that will allow Funcom to perform much better than is currently possible.
As Funcom is a publicly traded company, Tencent cannot just buy it outright. Instead offers must be made to each of the company’s many shareholders. Tencent is offering each shareholder NOK 17.00 per share (roughly $152.00), which is actually 27.3% higher than the current price of each share. Shareholders are completely free to deny this offer if they wish, but Funcom’s management board unanimously agreed to recommend that shareholders accept this offer. There are currently no planned changes to the structure of Funcom, and the company fully intends to continue supporting it’s online games.
Tencent is currently one of the largest technology companies in the world and has continued to absorb more and more companies over time. The company tends to try as much as possible to insert itself into as many profitable companies as it can and has even extended into other industries like film. Some could see this a bad thing that might stifle competition, while others might just see it as the way the world works. At least Funcom seems to be extremely excited by the prospects Tencent is offering.
Link Source : https://screenrant.com/tencent-funcom-full-ownership-conan-exiles/
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