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Tencent has invested in Control maker Remedy

Date Type Companies involved Size
May 26th, 2021 investment Remedy Entertainment
Tencent
Not disclosed
Tencent has invested in Control maker Remedy

Chinese tech and entertainment giant Tencent now owns 3.8 per cent of Finnish games studio Remedy.

That's going by a release to investors earlier this month – May 18th – in which the developer said that Tencent had bought 500,000 shares from Accendo Capital. That investment firm now owns 14 per cent of the Control maker.

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

"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."

Tencent CVP Bo Wang added: "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.”

Remedy now has six games in the works and saw a record financial performance in 2020 despite not releasing a new game in that time.

The firm's most recent title – 2019's Control – has now sold more than two million copies.


PCGamesInsider Contributing Editor

Alex Calvin is a freelance journalist who writes about the business of games. He started out at UK trade paper MCV in 2013 and left as deputy editor over three years later. In June 2017, he joined Steel Media as the editor for new site PCGamesInsider.biz. In October 2019 he left this full-time position at the company but still contributes to the site on a daily basis. He has also written for GamesIndustry.biz, VGC, Games London, The Observer/Guardian and Esquire UK.

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