On November 21, 2025, Ubisoft has closed Tencent’s strategic investment in Ubisoft Nova SAS, referred to as Vantage Studios, securing a €1.16 billion (C$1.8 billion) cash investment and valuing the new entity at a pre-money enterprise value of €3.8 billion (C$6.18 billion). The studio, fully operational since October 1, 2025, is built around Ubisoft’s Assassin’s Creed, Far Cry and Tom Clancy’s Rainbow Six franchises, with the objective of accelerating their growth on the path to building billion-euro brand ecosystems under co-CEOs Charlie Guillemot and Christophe Derennes. The proceeds will deleverage Ubisoft on a consolidated non-IFRS net debt basis, support selected investments across the group and provide enhanced financial flexibility for its strategic transformation, including a new operating model built around Creative Houses that is to be finalized by year end and unveiled in January. Following completion of the investment, Tencent holds a 26.32% economic interest in Vantage Studios, which remains exclusively controlled and consolidated by Ubisoft, under a shareholders’ agreement granting Tencent customary minority protection veto rights, certain consent rights over disposals of important subsidiary assets, customary share transfer provisions and call/put option mechanics linked to potential approved changes of control at Ubisoft.

Crédit Agricole CIB and J.P. Morgan acted as lead financial advisors, with Commerzbank as joint advisor, and Bredin Prat, White & Case and Deloitte Société d’Avocats as legal advisors to Ubisoft, while Goldman Sachs acted as exclusive financial advisor to Tencent, alongside Davis Polk & Wardwell and Gide Loyrette Nouel as its legal counsel. Davies Ward Phillips & Vineberg LLP acted as Canadian counsel to Tencent.