Remedy IR Press Release: Tencent Holdings Acquires 3.8% of shares in Remedy Entertainment from Accendo Capital

[AshenOne]

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Remedy Entertainment Plc | Press release 3:30 pm (EEST) 18 May 2021

Tencent Holdings acquires 3.8% of shares in Remedy Entertainment from Accendo Capital – Accendo owns 14.0% after the transaction

Remedy Entertainment has been informed that today 18 May 2021, Accendo Capital SICAV RAIF has sold 500,000 Remedy shares, corresponding to 3.8% of outstanding shares and votes, to Tencent Holdings Ltd. Accendo Capital holds approximately 1.8 million shares after the transaction, corresponding to 14.0% of outstanding shares and votes.

Tero Virtala, CEO of Remedy Entertainment said, "This is a capital markets transaction between Accendo Capital and Tencent, and is not connected with the commercial activities at Remedy. We are naturally aware that Tencent has extensive expertise in the industry, so we are honored by their interest in Remedy and happy to welcome Tencent as a new shareholder."

Bo Wang, Corporate Vice President of Tencent said, "Tencent has followed Remedy Entertainment's progress for a period of time and is impressed by what the talented Remedy team have accomplished. Tencent welcomes this opportunity to become a long-term shareholder of Remedy and we look forward to using our industry knowledge to support Remedy in the future."

Henri Österlund, Founder of Accendo Capital said, "In all our investments we place a high value on having good co-owners and partners helping our portfolio companies to reach their full potential, and we wanted to offer Tencent the possibility to become a meaningful shareholder in Remedy."

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REMEDY IN BRIEF
Remedy Entertainment Plc is a globally successful video game company known for story-driven and visually stunning console and computer games such as Control, Alan Wake and Max Payne. Remedy also develops its own Northlight game engine and game development tools.

Founded in 1995 and based in Finland, the company employs over 280 game industry professionals from 30 different countries. Remedy is listed on the Nasdaq First North Growth Market Finland marketplace. www.remedygames.com

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Source: Remedy Investors Press Release

 

[defaltoption]

Tencent has to have the most diverse portfolio ever, they own a little peice of everything. Just enough to get a logo in every time.

Not their biggest fan but i do enjoy remedy a lot so hopefully this helps them keep the lights on longer. Still cant belive Remedy was never picked up by a Sony or MS or Embracer

 

[Kolx]

Tencent and acquiring stakes at VG companies. Name a more iconic due.

 

[Raigor]

Tencent investing millions in several indipendent developers is nice to see

 

[Sota4077]

Tencent has to have the most diverse portfolio ever, they own a little peice of everything. Just enough to get a logo in every time.

Not their biggest fan but i do enjoy remedy a lot so hopefully this helps them keep the lights on longer. Still cant belive Remedy was never picked up by a Sony or MS or Embracer

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Depending on how the Crossfire X story they're doing goes I could see someone having that conversation. it has been a while since they put out anything close to what Alan Wake was. And I will die on this hill, but Control is not even close to on par with Alan Wake.

 

[Bear Cub in Sky]

I hope this doesn't affect Remedy's creativity.

 

[LiK]

I hope this doesn't affect Remedy's creativity.

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probably won't

 

[Faenix1]

Depending on how the Crossfire X story they're doing goes I could see someone having that conversation. it has been a while since they put out anything close to what Alan Wake was. And I will die on this hill, but Control is not even close to on par with Alan Wake.

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You're not wrong.
Alan Wake is Remedy's best game.

 

[Black_Stride]

Tencent is pretty hands off when they own so little.
This was purely business.

Remedy already has "free" deals with Epic so im sure lest Tencent buys alot more this wont do shit for Remedy other than having a new stakeholder to email every quarter.

 

[Deleted member 17184]

I hope this doesn't affect Remedy's creativity.

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Tero Virtala, CEO of Remedy Entertainment said, "This is a capital markets transaction between Accendo Capital and Tencent, and is not connected with the commercial activities at Remedy.

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[Delusibeta]

Tencent investing millions in several indipendent developers is nice to see

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In this case, it looks like Tencent bought the shares from one of Remedy's existing shareholders, rather than anything that can be described as 'an investment'. Still, the Remedy executive board will probably interpret this as a vote of confidence on the company given that Tencent wanted to buy in.

 

[Deleted member 10737]

when you haven't acquired stock in a new video game company in 20 minutes:

 

[AshenOne]

You're not wrong.
Alan Wake is Remedy's best game.

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For me its Max Payne 1 and 2... always has been and always will be.

 

[Faenix1]

For me its Max Payne 1 and 2... always has been and always will be.

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You know, I never really got around to playing 2. Though I played 1 and 3. One of these days I need to rectify that.

 

[misho8723]

For me its Max Payne 1 and 2... always has been and always will be.

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Truth

 

[Lampa]

Que all the reactions about Remedy now being controlled by China or Tencent. Makes sense Tencent would be interested in them though, considering they work on CrossFire X.

 

[Zomba13]

Tencent getting every finger and toe into different game companies. They need to start growing extra limbs.