Update: Ubisoft wasn’t kidding when it said Tencent’s investment in its new subsidiary, Vantage Studios, was “imminent.”
The French publisher just confirmed the strategic investment has been completed, meaning Tencent now holds a 26.32 percent economic interest in Vantage Studios—which is the new home of Ubisoft franchises including Assassin’s Creed, Rainbow Six, and Far Cry
Vantage has been handed a pre-money enterprise value of €3.8 billion. Ubisoft CEO Yves Guillemot described the completion of the deal as a milestone moment for the company.
“Today’s closing crystallizes the value of our world-class IPs and marks a pivotal milestone in Ubisoft’s ongoing transformation,” said Guillemot.
“It also brings in €1.16 billion of proceeds that deleverages the Group, strengthens our balance sheet and will support selected investment opportunities across the rest of the company. Vantage Studios, fully operational since October 1 under a dedicated leadership team, embodies the principles of autonomy, focus and player centricity, with clear accountability. It brings our Creative Houses model to life with the ambition to accelerate the growth of our flagship franchises on their path to becoming annual billion-euro brands.”
Original story: Ubisoft has confirmed its transaction with Chinese conglomerate Tencent is on track to close in the coming days.
Tencent will invest €1.16 billion ($1.25 billion) to deleverage the group and enable the formation of a new subsidiary called Vantage Studios, which will oversee major Ubisoft franchises Assassin’s Creed, Far Cry, and Rainbow Six.
The nascent division will be led by co-CEOs Christophe Derennes and Charlie Guillemot, the latter of whom is the son of Ubisoft CEO Yves Guillemot.
Ubisoft will finalize the design of its new division by the end of the year. Vantage will be formed of creative houses that will be “autonomous, efficient, focused and accountable business units,” each with their own leadership, creative vision, and strategic roadmap.
Ubisoft shared the news in its fiscal report for the first half of the current financial year (FY2025-26), which was published this morning after an earnings postponement and halt in trading.
“The closing of our strategic transaction with Tencent—which will see Tencent become a minority shareholder in our new subsidiary, Vantage Studios—is now imminent, as all conditions precedent have been satisfied,” said Ubisoft boss Yves Guillemot.
“This marks a pivotal milestone in Ubisoft’s transformation, significantly strengthening our financial position by bringing in €1.16 billion of cash, enabling the Group to deleverage, as planned. It will also empower Vantage Studios to accelerate the growth of our three flagship IPs under a dedicated leadership team.”
Ubisoft delivers Q2 net bookings well above guidance
Ubisoft said Q2 net bookings exceeded expectations after increasing by 39 percent year-on-year to €490.9 million—beating guidance of around €450 million.
“In a highly competitive market, Ubisoft delivered net bookings above guidance, on the back of stronger-than-expected partnerships that underscore the appeal and reach of our brands. Our portfolio showed contrasting dynamics this quarter, with softer trends for Rainbow Six Siege, reflecting a phase of evolution for the game in an intense FPS environment, offset by strong performances across the rest of the catalog,” continued Guillemot.
“The Assassin’s Creed franchise exceeded our expectations, confirming its positive momentum and ability to engage players over time. The Division 2 also continued to perform strongly, benefiting from the momentum of the Battle for Brooklyn DLC, with the game’s first semester already exceeding last year’s annual bookings.”
Notably, Assassin’s Creed Mirage reached 10 million players following the launch of Valley of Memory, a free narrative expansion set in AlUla (ancient Saudi Arabia) that was allegedly backed by the Saudi regime (thanks GameFile).
Ubisoft also confirmed its cost reduction initiatives remain “on track” and have resulted in the exit of 1,500 employees over the past 12 months.
Not all of those departures are the direct result of layoffs, with the company recently initiating a targeted Voluntary Leave Program (alongside a proposed restructuring) at its Nordic studios.
The French publisher said its cost reduction program is targeting at least €100 million in additional fixed cost savings by FY2026-27 versus FY2024-25 and is “progressing well.”
