Tencent seeks full ownership of online game maker Funcom with £113m bid

Chinese tech giant already owns almost 29 per cent of shares in Norwegian developer behind Conan Exiles

                                

Chinese multinational Tencent holdings has made a voluntary cash offer of 1.33bn Norwegian kroner (£113.42 m) to acquire all shares in Norwegian game developer Funcom.

Tencent, which already owns close to 29 per cent of the shares in Funcom, is offering all shareholders 17 Norwegian kroner per share, 27.3 per cent higher than Fulcom's closing price yesterday of 13.35 kroner.

Founded in 1993, Funcom is the developer of a range of computer games, including its popular Conan Exiles.

Funcom’s management, staff and structure will remain unchanged following the planned acquisition, with the company set to remain an independent business, Funcom said in a statement.

“Funcom has a strong track record in developing new titles with long lifespans,” Tencent senior vice-president Steven Ma said.

“We will continue to develop great games that people all over the world will play, and we believe that the support of Tencent will take Funcom to the next level. Tencent will provide Funcom with operational leverage and insights from its vast knowledge as the leading company in the game space,” Funcom CEO Rui Casais added.

Funcom’s shares were up 26.2 per cent at 16.85 kroner early this morning.

Tencent is a shareholder in a handful of other gaming developers, such as Riot Games, Epic, Supercell, Ubisoft, Paradox and Frontier.

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