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    700   KYG875721634

TENCENT HOLDINGS LIMITED

(700)
  Report
Delayed Hong Kong Stock Exchange  -  04:08 2022-09-27 am EDT
280.80 HKD   -0.85%
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Exclusive-Tencent plans to raise stake in 'Assassin's Creed' maker Ubisoft - sources

08/04/2022 | 06:06am EDT
FILE PHOTO: Paris Games Week (PGW) trade fair for video games in Paris

HONG KONG (Reuters) - Tencent Holdings Ltd plans to raise its stake in French video game group Ubisoft Entertainment SA as the Chinese gaming giant pivots to the global gaming market, four sources with direct knowledge of the matter told Reuters.

China's largest social network and gaming firm, which bought a 5% stake in Ubisoft in 2018, has reached out to the French firm's founding Guillemot family and expressed interest in increasing its stake in the firm, the sources said.

It is not clear how much more Tencent plans to own in Ubisoft, valued at $5.3 billion, but Tencent aims to become the single largest shareholder of the French company with an additional stake purchase, two of the sources said.

Tencent plans to buy a part of the additional stake in Ubisoft, the maker of the blockbuster "Assassin's Creed" video game franchise, from the Guillemot family, which owns 15% of the firm, three of the sources said.

Tencent could offer up to 100 euros ($101.84) per share to acquire the additional stake, two of the sources with knowledge of the internal discussions, said. It paid 66 euros per share for the 5% stake in 2018.

Two of them added the Chinese firm will also seek to acquire shares from public shareholders of Ubisoft, to boost its ownership and become the single-largest shareholder.

About 80% of the French firm's shares are owned by public shareholders, according to its latest annual report.

All the sources declined to be named as they are not authorised to speak to the media.

Tencent and Ubisoft declined to comment.

Representatives of the Guillemot family could not be immediately reached for comment.

The details of the deal have yet to be finalised and are subject to change, said the people who spoke on condition of anonymity as the information is private.

($1 = 0.9819 euros)

(Additional reporting by Pamela Barbaglia in London, Sudip Kar-Gupta and Richard Lough in Paris; Editing by Sumeet Chatterjee and Jacqueline Wong)

By Julie Zhu and Selena Li


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
GUILLEMOT CORPORATION 5.08% 10.14 Real-time Quote.-34.71%
TENCENT HOLDINGS LIMITED -0.85% 280.8 Delayed Quote.-38.00%
UBISOFT ENTERTAINMENT 2.27% 31.47 Real-time Quote.-28.56%
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Analyst Recommendations on TENCENT HOLDINGS LIMITED
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Financials
Sales 2022 568 B 79 163 M 79 163 M
Net income 2022 101 B 14 108 M 14 108 M
Net cash 2022 76 897 M 10 715 M 10 715 M
P/E ratio 2022 24,1x
Yield 2022 0,39%
Capitalization 2 420 B 337 B 337 B
EV / Sales 2022 4,12x
EV / Sales 2023 3,48x
Nbr of Employees 110 715
Free-Float 63,2%
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Mean consensus BUY
Number of Analysts 55
Last Close Price 256,71 CNY
Average target price 382,94 CNY
Spread / Average Target 49,2%
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Managers and Directors
Hua Teng Ma Executive Chairman & Chief Executive Officer
Chi Ping Lau Chief Strategy & Investment Officer
Shek Hon Lo Chief Financial Officer & Senior Vice President
Chen Ye Xu Chief Information Officer
Yu Xin Ren COO & President-Interactive Entertainment Group
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