Ubisoft has launched Vantage Studios, a subsidiary that holds its Assassin’s Creed, Far Cry, and Tom Clancy’s Rainbow Six franchises. Tencent is a minority shareholder: its €1.16 billion investment closed on 21 November 2025 for a 26.32% economic interest, and Ubisoft says it keeps exclusive control and consolidates the entity. Vantage began operating on 1 October 2025.
How the deal unfolded
The transaction moved through four official milestones in 2025. The table below lists each one with the figure or status Ubisoft gave at that point.
| Date | What Ubisoft announced | Source |
|---|---|---|
| 27 March 2025 | Plans for a dedicated subsidiary built around the three franchises, with Tencent investing €1.16 billion for an approximate 25% economic interest | Ubisoft transaction announcement |
| 16 July 2025 | Christophe Derennes and Charlie Guillemot named co-CEOs; the organization was not yet operational | Ubisoft News |
| 1 October 2025 | Vantage Studios launched as a “creative house” responsible for the three franchises | Ubisoft News launch announcement |
| 21 November 2025 | Tencent’s investment closed; final economic interest 26.32%; pre-money enterprise value €3.8 billion; Ubisoft says Vantage has been fully operational since 1 October | Ubisoft closing announcement |
The March figure was an approximate interest. The November figure is the final one, and it is the current transaction status in the announcements reviewed. Any later change would appear in Ubisoft’s own newsroom, which this article does not cover.
Announced terms versus final terms
Several terms moved between the March announcement and the closing. Readers comparing the two should use the closing figures.
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| Term | March 2025 announcement | 21 November 2025 closing |
|---|---|---|
| Tencent investment | €1.16 billion, proposed | €1.16 billion, completed |
| Tencent economic interest | Approximately 25% | 26.32% |
| Control | Exclusively controlled and consolidated by Ubisoft | Exclusive control and consolidation retained by Ubisoft |
| Valuation | Not stated in the March announcement | €3.8 billion pre-money enterprise value |
| Operating status | Not yet operational (July 2025 co-CEO announcement) | Fully operational since 1 October 2025 |
Ownership, control and governance
The legal entity is Ubisoft Nova SAS, which trades as Vantage Studios and is based in France. Ubisoft describes Tencent as a minority shareholder. Economic interest and control are different things here: Tencent shares in the entity’s economic value in proportion to its 26.32% stake, but the company does not run it. Ubisoft keeps day-to-day control and consolidates Vantage in its own accounts.
The closing announcement lists the protections that come with Tencent’s minority position:
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- Customary minority protection veto rights.
- Consent rights over disposals of important subsidiary assets.
- A five-year lock-up on Tencent’s Vantage securities, with an exception if Ubisoft no longer owns a majority of voting rights and share capital.
- Other transfer and change-of-control provisions, which the announcement describes but which are not summarized here.
At the March announcement, Ubisoft co-founder and CEO Yves Guillemot said: “Today Ubisoft is opening a new chapter in its history.” Tencent president Martin Lau framed the investment as a continuation of the relationship: “We are excited to extend our longstanding partnership with Ubisoft through this investment, which reflects our continued confidence in Ubisoft’s creative vision and exceptional talent to drive sustained success in the industry.”
Which franchises and studios are included
Ubisoft says Vantage covers Assassin’s Creed, Far Cry, and Tom Clancy’s Rainbow Six. The teams that develop these franchises are located in six places:
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- Montréal, Quebec
- Sherbrooke, Quebec
- Saguenay, Quebec
- Barcelona, Spain
- Sofia, Bulgaria
The October launch announcement describes the entity as bringing together thousands of experienced developers. The March announcement also said the subsidiary would hold the related back-catalog and games in development or still to be developed. Ubisoft grants the subsidiary an exclusive, irrevocable, perpetual worldwide licence to the related intellectual property in exchange for a royalty. Because the licence is perpetual and exclusive, the economics of these franchises now run through the royalty arrangement between the two entities rather than through the parent directly.
Who runs Vantage Studios
Ubisoft named Charlie Guillemot and Christophe Derennes co-CEOs in July 2025. The company describes their roles as complementary, split between creative direction and operational delivery.
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Charlie Guillemot: the “what”
Ubisoft says Guillemot covers brand vision, direction, content development, and marketing. He framed the new structure around speed: “Decision making will be quicker, and it will also be easier to pivot when we need to change course.”
Christophe Derennes: the “how”
Ubisoft says Derennes covers production, co-development, and technology. These are the company’s own descriptions of the roles, and the announcements do not describe how responsibilities are formally divided on paper.
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- Chat online through the built-in microphone and connect a headset directly through the 3.5mm jack
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- Play on more devices using the USB Type-C cable or Bluetooth to connect easily to Windows PC and Mac computers, Android and iOS mobile phones as well as your PlayStation 5
Ubisoft’s stated plans
In March, Ubisoft said the subsidiary would build game ecosystems meant to stay relevant over time and run across multiple platforms. The plans it listed were:
- Improving narrative single-player experiences.
- Expanding multiplayer offerings and releasing content more frequently.
- Introducing free-to-play entry points.
- Adding social features.
Vantage is also the first of what Ubisoft calls Creative Houses, a model in which franchises are grouped around a shared identity and development expertise. The October launch announcement said more creative houses are planned. The November closing announcement said the model is meant to bring more focus, efficiency, autonomy, and accountability.
These are Ubisoft’s intentions. The announcements do not report player numbers, revenue, profit, or release outcomes for Vantage, so none of the expected benefits can yet be measured.
What this means for readers
- If you hold or follow Ubisoft shares: Tencent’s stake sits in a subsidiary, not in Ubisoft as a whole. The announcements do not describe a public offering of Vantage shares, so there is no separate security for individual investors to buy in these sources.
- If you buy the franchises: The announcements do not describe changes to game pricing, release schedules, or subscription terms. Any such change would come from Ubisoft directly.
- If you are watching the strategy: Track whether Ubisoft names a second creative house, and whether it reports Vantage results in its own financial updates.
The information in this article reflects Ubisoft’s announcements through 21 November 2025. Check Ubisoft’s newsroom for anything published after that date.
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