Tencent in $148 million bid for online games maker Funcom
Reuters
Published Jan 22, 2020 08:04
Tencent in $148 million bid for online games maker Funcom
OSLO (Reuters) - China's Tencent Holdings (HK:0700) has launched a bid for Norwegian computer games-maker Funcom (OL:FUNCOM), valuing the Oslo-listed firm at 1.33 billion Norwegian crowns (£113.42 million), the two companies said in a joint statement.
The board and management of Funcom unanimously supported the all-cash bid of 17 crowns per share, a 27% premium to Tuesday's closing price of 13.35 crowns.
Based in the Netherlands, Funcom is the developer of a range of computer games that are played online or on other platforms, including adaptations of the Conan the Barbarian franchise.
Tencent, itself a major distributor of online games, announced last September it had taken a 29% stake in Funcom, making it the largest owner.
"Funcom has a strong track-record in developing new titles with long life spans," said Tencent Senior Vice-President Steven Ma.
Funcom's management and staff will remain unchanged following the planned acquisition, the companies added.
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Written By: Reuters
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