Tencent Cloud Europe B.V. entered into an agreement to make an offer to acquire remaining 71% stake in Funcom SE (OB:FUNCOM) for approximately NOK 980 million on January 20, 2020. In this transaction, Tencent Cloud Europe B.V. is paying NOK 17 per share to all the shareholders of Funcom SE. Following the acquisition, there are no planned changes to Funcom management, staffing or structure with the company remaining an independent business.

The offer will be subject to customary closing conditions for takeovers, including, Tencent Cloud Europe B.V. shall at or prior to the expiration of the offer period have been accepted by shareholders of Funcom representing more than 90% of the issued and outstanding share capital and voting rights of Funcom on a fully diluted basis, The Boards shall not have qualified, amended or withdrawn their recommendation of the offer and approval of the offer and the offer document by the Oslo Stock Exchange. The offer required Funcom's shareholder approval while the Board of Directors unanimously recommends the offer. The offer period for this transaction will start from February 5, 2020, and last five weeks from the date of approval of the offer document. As of February 5, 2020, the offer period is expected to start on or about February 21, 2020. As of February 19, 2020, Oslo Stock Exchange approved the offer document. The offer period starts from February 21, 2020 to March 16, 2020. As on March 16, 2020, the offer period has been extended and now offer can be accepted until March 19, 2020. As on March 19, 2020, the offer period has been extended and now offer can be accepted until March 23, 2020. As on March 24, 2020, the offer period has been extended and now offer can be accepted until March 25, 2020. The settlement of the offer will be postponed correspondingly, so that the settlement will be made within reasonable time after the Tencent announces that the conditions for completion of the offer have been met or waived and in no event more than 10 business days after the date of such announcement.

Pareto Securities AS acted as fairness opinion provider for Funcom SE. J.P. Morgan Securities plc is acting as financial advisor, while Tracy Wut of Baker McKenzie and AGP Advokater AS are acting as legal advisors to Tencent. Peter Straume, Nils Kasper Lodden and Thomas H. Pedersen of ABG Sundal Collier ASA is acting as financial advisor, while Advokatfirmaet CLP and Jeroen Oostenbrink of Weidema van Tol (The Netherlands) are acting as legal advisors to Funcom. DNB Markets acted as domestic financial advisor and receiving agent to Tencent.

Tencent Cloud Europe B.V. completed the acquisition of the remaining 71% stake in Funcom SE (OB:FUNCOM) on March 25, 2020. Preliminary counting showed that shareholders holding 54.98 million shares in Funcom, representing approximately 67.59% of the issued and outstanding shares in Funcom, had accepted the offer upon expiry of the acceptance period. As a result of the acquisition of shares in this offer and previous acquisition of shares, the offeror owns 95.06% of the issued and outstanding shares and voting rights in Funcom. The condition of minimum 90% acceptance has been fulfilled. The offeror hereby declares that the offer is unconditional. The settlement of the offer will take place on or about April 8, 2020. As of March 30, 2020, final counting of acceptances was done and shareholders holding 54.95 million shares had accepted the offer. As of July 14, 2020, the Board of Directors of Tencent resolved to carry out a compulsory acquisition of all remaining shares in Funcom not owned by Tencent. The offered redemption price under the compulsory acquisition will be NOK 17.00 per share, following which, Tencent will pursue a de-listing of the shares in Funcom from the Oslo Stock Exchange.