유비소프트는 텐센트와 새로운 자회사 설립

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Ubisoft is forming a brand new
subsidiary company with Tencent
Subsidiaryis valued at $4.3B
Includes IPs like Assassin’s Creed,
Far
and Rainbow Six
Tencent are investing @1.16 billion to
acquire 259 stake of Ubisoft
영어 원문의 Google 번역
유비소프트 , 팀센트와 새로운 자회사 설립
자회사 가치논 43억 달러입니다 .
Assassin’s Creed
)
Far
Rainbow
Six 등의 IP가 포함월니다.
팀센트 , 유비소프트 지분 259 인수에 @
억6000만달러 투자
Crys
Crys

Wario64
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@Wario64
Ubisoft announces the creation ofa
new
subsidiary Tencent will invest
Eli6bnfora minority stakein the new
subsidiary
“This new subsidiary will focus on
building game ecosystems designed
to become truly evergreen and
multi-platform”
More info: staticctfubisoftcoml
8aefmxkxpxwl/l
영어 원문의 Google 번역
Ubisoft에서 새로운 자회사 설립올
발표랫습니다 . Tencent에서 새로운 자회사의
소수 지분에 11.6bn @ 올 투자할 예정입니다 .
“이 새로운 자회사는 진정으로 에버그린하고 멀티
플렉품이 되도록 설제된 게임 생태계틀 구축하는
데 집중할 것입니다 “

UBISOFT ACCELERATES ITS TRANSFORMATION BY LAYING FOUNDATION
FOR NEW OPERATING MODEL WITH THE CREATION OF A SUBSIDIARY AND
INJECTION OF C116BN OF CASH FROM SELECTED INVESTOR TENCENT
PARIS
March 27, 2025
Today Ubisoft announced thatitis accelerating its transformation by taking
an important step in rapidly evolving its operating model with the creation
of a dedicated subsidiary
based on its Assassin’s Creed s
Far Cryn
and Tom Clancy’s Rainbow Sixs brands. Following the formal
and cornpetitive selection process initiated by the Group earlier this year Tencent’s will invest C1.16bn
fora minority stake in the new subsidiary
This new subsidiary will focus on building game ecosystems
designed to become truly evergreen and multi-platform
Backed by greater investment and boosted
creative
ca
pacities,
it will drive further increases in quality Of narrative
SOlO
experiences expand
multiplayer offerings with increased frequency of content release introduce free-to-play touchpoints
and integrate more social features
This transaction values the entity at
pre-money Enterprise Value Of CC4bn, implying a FY23-FY25E
average sales multiple of around 4x. It highlights the strong value of Ubisoft’s IPs, significantly reinforces
its balance sheet, and enables the company to continue its efforts to become a more agile organization,
unleash the full creative potential ofits teams and better align its resources with the constantly evolving
expectations of players
The binding
agreement with Tencent follows the formal and competitive process
exploring and
assessing different strategic options announced earlier this Year
Based on the careful consideration of
several expressions of interest received from diverse parties
and its duty to actin the best interests of
all Ubisoft stakeholders the Board
of Directors upon recommendation from the ad hoc Committee
determined that this transaction crystalized the best value for Ubisoft’s assets and unanimously approved
the proposed transaction
on March 27 2025
The Board of Directors has
upon ad hoc Cornrnittee
recommendation, appointed Finexsi
aS
independent expert in view Of
issuance of a fairness
opinion.
In parallel to the creation Of this new entity, Ubisoft will focus on nurturing the development of iconic
franchises including Tom Clancy’s Ghost
Recons and The Division s
accelerating the growth of top
performing titles and leveraging disruptive technologies on selected new IPs, while continuing to deliver
state-of-the-art production game engines and
online services
More details
on the
Group’s future
operating model will be shared atalater stage
acting
the

“Today Ubisoft is opening
new chapter in its history,
said
Yves Guillemot Co-Founder and Chief
Executive Officer “As we accelerate the corpany’s transformation thisisa foundational step in changing
Ubisoft’s operating model that will enable us to be both agile and ambitious. We are focused on building
strong gare ecosystems designed to become evergreen, growing high-performing brands and creating
new IPs powered by cutting-edge and emerging technologies
“With the creation of
a dedicated subsidiary that
spearhead development for three of our largest
franchises and the onboarding of Tencent as
minority investor,
we are crystalizing the value of our
assets strengthening our balance sheet, and creating the best conditions for these franchises’ long-term
growth and success.
With its dedicated and autonomous leadership team it
focus on
transforming
these three brands into unique ecosystems
Guillemot concluded,
We are committed to
building
sharper,
more focused organization-one where
talented teams will take our brands to the nextlevel, accelerate the growth of emerging franchises, and
lead innovation in next-generation technologies and services all with the goal of delivering enriching,
memorable games that exceed players’ expectations and create superior value for our shareholders and
other stakeholders
Martin Lau,
President of Tencent, said “We are excited to extend our longstanding partnership with
Ubisoft through this investment which reflects our continued confidence in Ubisoft’s creative vision and
exceptional talent to drive sustained success in the industry.
We see the immense potential for these
franchises to evolve into long-term evergreen game platforms and create engaging new experiences for
gamers
will
will

Relationship between the
new
subsidiary and Ubisoft Entertainment:
The new subsidiary would include the teams developing the Tom Clancy’s Rainbow
Assassin’s
Creed and Far Cry franchises based in Montreal, Quebec, Sherbrooke Saguenay, Barcelona, and
Sofia
as well
as the
back-catalog and
any
new games currently under development
or to be
developed.
The new subsidiary would be granted by Ubisoft a worldwide exclusive irrevocable, perpetual
license in respect of the intellectual property and similar proprietary rights owned or licensable
by Ubisoft in relation to Tom Clancy’s Rainbow Six Assassin’s Creed and Far Cry in exchange for
royalty.
Main terms of the
binding agreement with Tencent:
Tencent would invest in the new subsidiary which is headquartered in France and 10096 owned
by Ubisoft immediately priorto the transaction Specifically , at closing of the transaction Tencent
would invest a total amount of EUR1.16bn for an approximate 2590 economic interestin the New
subsidiary , that
be used
to strengthen Ubisoft’s balance sheet by significantly reducing its
consolidated net debt position
accelerate the Group’s transformation , and sustain growth of
selected franchises. After closing Of the transaction the new subsidiary would remain exclusively
controlled and consolidated by Ubisoft.
Conditions precedent to the transaction:
Issuance Of a fairness opinion from Finexsi acting as independent expert
Completion of the carve-out to create the
new
subsidiary
Obtention of the necessary regulatory clearances
Ubisoft can unilaterally waive the issuance of the fairness opinion
as a
condition precedent.
Completion of the transaction is expected before the end of 2025
The new subsidiary would havea dedicated leadership team supervised by a Board of Directors
focused
on
enhancing
creative Vision and
streamlining operations, with the authority to make
swift, high-impact decisions across development, marketing
and distribution, to
ensure these
brands
continue
evolve
attract
new
audiences
and
deliver
groundbreaking
gaming
experiences for years to come
Tencent would benefit from customary minority protection veto rights as well as certain consent
rights on the disposals of the important new subsidiary assets
Other provisions in relation to Tencent’s shareholding in the New subsidiary notably include:
5-year lock-up undertaking on New subsidiary shares held by Tencent, unless Ubisoft
no longer owns
majority of New subsidiary voting rights and share capital
Ubisoft may not cease to hold a majority of New
subsidiary voting rights and share capital
fora 2-year period
Customary share transfer provisions including a right of first refusal to the benefit of
Ubisoft, a right of first offer to the benefit of Tencent tag-along right to the benefit of
Tencent
and drag-along right to the benefit of Ubisoft (subject to certain conditions)
Call option to the benefit of Ubisoft and
option to
benefit of Tencent in the event
of certain
change of control of Ubisoft approved by its Board
of Directors
[Exercise
price will be the higher of
the fair market value of New
subsidiary shares and (ii) the
sarne EBIT multiple
as
that in the
change
of control transaction Of Ubisoft; it being
specified that for the call option there will bea specific minimum price protection during
the first 4 years
following closing Of the transaction with Tencent.
Six,
will
the
put