Tencent acquired a 3.8% stake in Remedy. We can talk about the amount of € 21.5 million

Accendo Capital, one of Remedy‘s investors, has sold 500,000 shares of the Finnish hits forge to Tencent. This is 3.8% of Remedy’s outstanding shares and votes.

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The Accendo Capital fund, which specializes in investing in Scandinavian companies, is still one of the key holders of Remedy shares.

He has a 14% stake at his disposal.

The amount of the transaction was not disclosed. Before the announcement was published, the cost of one Remedy share was €43. This suggests that the Chinese could have paid at least €21.5 million for the share. After the purchase, the share price reached €47.

As part of the announcement, Remedy management hastened to state that the deal was exclusively between Accendo Capital and Tencent. It is not related to the commercial activities of the studio itself.

At the same time, Tero Virtala, CEO of Remedy, noted: “We, of course, understand that Tencent has a huge experience in the industry, so we are proud of the company’s interest in Remedy. We are also pleased to welcome Tencent as a new shareholder.”

However, the Chinese side did not rule out closer cooperation.

“Tencent is following the success of Remedy and is impressed with the results achieved by its team. We are pleased to become a long—term shareholder of Remedy and look forward to helping Remedy with expertise in the future,” said Bo Wang, Vice President of Tencent.

With this deal, Tencent continues its expansion into the European gaming market. Only in 2021, the Chinese colossus acquired minority stakes in Czech Bohemia Interactive, French Dontnod Entertainment and Russian Atomic Heart.