Ubisoft did not simply replace Vivendi with Tencent. In 2018, Vivendi agreed to sell its entire Ubisoft stake through a package of transactions: Ubisoft and Guillemot Brothers bought shares, Tencent and Ontario Teachers’ joined as investors, and the remaining shares were placed with institutional investors. Tencent became a shareholder, but Ubisoft said its initial investment brought no board seat. A separate 2022 deal gave Tencent an economic stake in the Guillemot family’s holding company without changing Ubisoft’s governance, according to Ubisoft.
How did Ubisoft fend off Vivendi’s hostile takeover?
Ubisoft’s defense culminated in a negotiated exit for Vivendi, which had crossed the 25% shareholding threshold in 2016. That threshold is one marker in the takeover dispute, not a complete account of every purchase or governance event. On March 20, 2018, Ubisoft announced an agreement for Vivendi to sell its entire holding—30,489,300 Ubisoft shares—for €2 billion, or €66 per share. Vivendi separately announced the same sale price and committed not to acquire Ubisoft shares for five years.
The exit was divided among several buyers and routes, rather than transferred to a single successor shareholder:
- Ubisoft: planned to buy back up to 9,090,909 shares, then 8.1% of its capital.
- Guillemot Brothers SE: agreed to buy 3,030,303 shares.
- Tencent and Ontario Teachers’: joined as long-term investors. Tencent committed to buy 5,591,469 shares at €66 each, equivalent to 5.0% of Ubisoft’s capital at the time.
- Institutional investors: were to receive the remaining shares through an accelerated bookbuilding process.
Ubisoft’s announcement described a change in its shareholding as positive news. CEO and co-founder Yves Guillemot said the transaction was made possible by the company’s strategy and the support of its employees, players, and shareholders. That was Ubisoft’s characterization of the deal, not an independent finding about its effects.
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Did Tencent take control of Ubisoft?
No. Tencent became a significant shareholder, but the 2018 announcement said its investment did not grant it board representation. Under that agreement, Tencent also undertook not to transfer its shares or increase its shareholding and voting rights. A shareholding gives an investor an economic interest and potentially votes; it does not by itself establish control of a company.
In 2022, Tencent invested in Guillemot Brothers Limited, a family holding company, rather than buying the same kind of direct Ubisoft stake as in 2018. Ubisoft reported that Tencent acquired a 49.9% economic stake and 5% of the voting rights in the holding company. The €300 million investment comprised a €200 million share acquisition and a €100 million capital increase. Ubisoft said the Guillemot family retained exclusive control of Guillemot Brothers Limited, Tencent had no board representation there, and the investment gave Tencent no business consent or veto rights.
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Ubisoft described the implications for the publisher itself in its September 2022 announcement: Ubisoft governance “will remain unchanged.” Those statements describe Ubisoft’s account of the agreement; the economic stake in the holding company should not be mistaken for a 49.9% stake in Ubisoft.
What limits did the 2022 agreements place on Tencent?
Ubisoft’s 2022 disclosures described contractual guardrails affecting Tencent’s direct Ubisoft holding and transfers. They are terms of that agreement, not proof of the parties’ exact holdings today.
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- Direct holding ceiling: Tencent agreed not to exceed 9.99% of Ubisoft’s capital or voting rights for eight years, subject to exceptions specified in the agreement.
- Transfer restriction: Tencent agreed to restrictions on disposing of its Ubisoft securities for five years, with stated exceptions.
- Priority rights: Certain transfers were subject to priority purchase or offer rights for family-related parties.
- Combined holding: The expanded founders’ concert could increase its combined Ubisoft stake to 29.9% of the company’s capital or voting rights.
These provisions distinguish ownership from influence: the agreement addressed how much Tencent could hold directly, how it could transfer securities, and how family-related parties could respond to certain transfers. They do not, on their own, establish who controls Ubisoft at a later date.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What do the latest cited share figures establish?
Ubisoft’s notice dated September 10, 2026 reported 136,237,168 shares and 148,049,837 voting rights outstanding as of August 31, 2026. Those are company-wide totals, not a holder-by-holder ownership register. They do not establish Tencent’s or the Guillemot family’s precise current percentages.
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