AJ Investments said on April 2, 2025, that it and a shareholder coalition would seek court action in France to force Ubisoft to hold an extraordinary general meeting and put proposed changes to its Tencent transaction to a shareholder vote. Ubisoft’s deal was different: Tencent invested €1.16 billion in a new Ubisoft-controlled subsidiary, Vantage Studios. Ubisoft said the transaction closed on November 21, 2025.
What did AJ Investments demand from Ubisoft?
In a statement reported on April 2, 2025, AJ Investments said it was initiating legal proceedings in France alongside a growing shareholder coalition. It said it would ask a court to compel Ubisoft to convene an extraordinary general meeting (EGM), where shareholders could vote on two proposals:
- Renegotiate the Tencent transaction as a direct sale of franchise assets for at least €4 billion.
- After that proposed sale, distribute an extraordinary dividend of €23 per share.
AJ also said it would ask to exclude Tencent from voting on the matter and to limit Guillemot Brothers Holding’s voting rights to shares not linked to Tencent. These were the investor group’s requested terms and remedies—not agreed deal conditions or findings by a court. Insider Gaming’s report of AJ Investments’ statement describes the demands.
How did Ubisoft’s deal differ from the proposed asset sale?
AJ’s proposal called for a direct sale of franchise assets. Ubisoft instead announced on March 27, 2025, that Tencent would invest €1.16 billion in a new subsidiary built around Assassin’s Creed, Far Cry, and Tom Clancy’s Rainbow Six. Ubisoft expected Tencent to receive an approximately 25% economic interest. The investment proceeds were intended to support Ubisoft’s balance sheet and investment in those franchises.
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The figures describe different structures: AJ’s €4 billion was its requested minimum price for an asset sale, while Ubisoft’s €1.16 billion was an investment in a subsidiary. They should not be treated as equivalent valuations. Under Ubisoft’s announced structure, the company said it would retain exclusive control and consolidate the subsidiary after closing. Ubisoft’s March 27, 2025 announcement set out the planned transaction.
Did Ubisoft’s Tencent deal close?
Yes. Ubisoft announced on November 21, 2025, that the transaction had closed. It reported that Tencent held a 26.32% economic interest in Vantage Studios, which remained exclusively controlled and consolidated by Ubisoft. That final reported interest was higher than the approximately 25% expected at announcement.
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Ubisoft’s closing announcement also described Tencent’s minority-protection veto rights and certain consent rights over the disposal of important subsidiary assets. Tencent’s securities were subject to a five-year lock-up, with stated exceptions. Ubisoft’s November 21, 2025 closing announcement reports the completed transaction and its terms.
Was AJ Investments’ requested court action resolved?
The available sources do not establish whether a court ordered Ubisoft to convene the requested EGM, whether the request was dismissed or settled, or whether any related action remains pending. AJ’s announcement is evidence of what the investor group said it intended to seek; it is not evidence of a court ruling.
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- Wield the powers of the gods like Achilles' sword and Daidalos' wings to battle powerful enemies and solve ancient puzzles.
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Ubisoft’s investor-relations page lists an annual general meeting held on September 30, 2026, and explains meeting procedures, but it does not identify an outcome for AJ’s requested legal action. The existence of that annual meeting does not establish that shareholders voted on AJ’s proposals or that a court granted its request. Ubisoft’s investor-relations page provides meeting information, not a judicial-status update.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the dispute means for shareholders
The dispute centered on both transaction form and governance. AJ wanted shareholders to consider a direct asset sale and a dividend, along with restrictions on voting by Tencent and Guillemot Brothers Holding. Ubisoft’s completed transaction instead gave Tencent a minority economic interest in Vantage Studios while Ubisoft retained exclusive control and consolidation, subject to the minority protections and consent rights Ubisoft described.
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For shareholders assessing the episode, distinguish the activist’s desired outcome from the deal Ubisoft announced and completed. The €4 billion sale threshold and €23-per-share dividend were AJ’s demands; they were not terms Ubisoft said it accepted. The sources cited here do not establish that shareholders approved those demands or that a court required a vote.
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