Ubisoft, Tencent agree 4 billion euro Vantage Studios tie-up

(Reuters) -Ubisoft said on Friday it has completed Tencent's investment in Vantage Studios, a new unit built around its Assassin's Creed, Far Cry and Tom Clancy's Rainbow Six franchises. The deal values Vantage at a pre-money enterprise value of 3.8 billion euros ($4.37 billion) and includes a 1.16 billion euro cash injection from Tencent for a 26.32% economic interest. Ubisoft retains exclusive control of the subsidiary. Under the agreement, Tencent must hold its Vantage stake for five years unless Ubisoft loses its majority interest. Ubisoft is required to keep control for at least two years. If Ubisoft’s ownership changes in a board-approved deal, it can buy back Tencent’s shares at market price but if it declines, Tencent can force a sale. ($1 = 0.8690 euros) (Reporting by Jerome Terroy and Leo Marchandon, Editing by Louise Heavens)

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