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Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Ubisoft’s Tencent deal is complete: Tencent invested €1.16 billion in Vantage Studios for a 26.32% economic interest, while Ubisoft retained exclusive control and consolidation of the subsidiary. Vantage brings together Ubisoft’s Assassin’s Creed, Far Cry and Tom Clancy’s Rainbow Six franchises. The arrangement gives Tencent a minority economic stake—not control of Ubisoft or Vantage.
What happened—and when did the deal close?
Ubisoft first announced a binding agreement with Tencent on March 27, 2025. At that point, the proposed transaction was a €1.16 billion investment for an approximate 25% economic interest in a new, France-headquartered subsidiary. Ubisoft said it would retain exclusive control and consolidate the subsidiary after closing. Ubisoft’s March 27 announcement
Vantage Studios was fully launched on October 1, 2025. Ubisoft announced on November 21 that Tencent’s investment had closed. The closing terms set Tencent’s economic interest at 26.32%, with Ubisoft still retaining exclusive control and consolidation. Ubisoft’s Vantage launch announcement Ubisoft’s November 21 closing announcement
How did the proposed terms compare with the completed deal?
The March figures describe the proposed transaction; the November figures describe the completed one. They are different snapshots, not contradictory reports.
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- BECOME A FEARSOME PIRATE- Strike fear in your foes as you board and sink enemy vessels as Edward Kenway, captain of the Jackdaw. Whether blending into crowds or leading daring assaults, switch between silent takedowns and fierce brawls as you effortlessly wield swords, pistols, and the Hidden Blade. With a cast of historical pirate legends at your side, defy empires amidst the age-old conflict opposing Assassins and Templars.
- A CLASSIC REBUILT FOR AN ENHANCED EXPERIENCE- Combat has been rebuilt for more dynamic encounters, emphasizing parries and takedowns, while stealth and parkour have been improved for smoother escapes and assassinations. Continuously upgrade the Jackdaw to face powerful enemy ships with enhanced naval mechanics featuring new alternate fire modes. Quality-of-life additions also address previous pain points, ensuring your experience is improved.
- THE CARIBBEAN LIKE NEVER BEFORE- Whether you’re sailing the open seas or journeying across untamed lands, discover a seamless open world built with the latest Anvil engine. Take in sweeping vistas as you brave stormy waters, dive into underwater shipwrecks, or push through dense tropical jungles. Enhanced by features such as Dolby Atmos and ray tracing, every scene feels more immersive, bringing the world’s beauty to life.
- EXPANDING EDWARD’S ADVENTURE- Building on top of the original story, Assassin’s Creed Black Flag Resynced introduces exclusive new content. Familiar faces will return, with new storylines dedicated to fan-favorite characters such as Blackbeard and Stede Bonnet. Unexpected allies will also cross your path, as three officers join you on your journey as part of the main narrative. More surprises await, such as new sea shanties, pets, a photo mode, and more.
| Term | March 27 proposal | November 21 closing |
|---|---|---|
| Tencent investment | €1.16 billion | €1.16 billion |
| Tencent’s economic interest | Approximately 25% | 26.32% |
| Pre-money enterprise value | Approximately €4 billion | €3.8 billion |
| Control | Ubisoft said it would retain exclusive control and consolidation | Ubisoft retained exclusive control and consolidation |
These are figures Ubisoft reported in its transaction announcements, not independent valuations. The March release also described an implied multiple of around 4x average sales for FY2023–FY2025E; FY2025E was an estimate, not an audited historical result. March transaction terms Closing terms
What does Vantage Studios include?
Vantage is organized around three Ubisoft franchises: Assassin’s Creed, Far Cry and Tom Clancy’s Rainbow Six. The transaction terms cover the relevant development teams in Montréal, Quebec City, Sherbrooke, Saguenay, Barcelona and Sofia, as well as back catalogs and games in development or to be developed.
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- Only at Amazon Limited Edition Content includes the base game and Sekiryu Character Pack
- Explore the captivating open world of feudal Japan, from spectacular castle towns and bustling ports to peaceful shrines and war-ravaged landscapes. Adventure through unpredictable weather, changing seasons, and reactive environments.
- Become Naoe, a shinobi Assassin, and Yasuke, a legendary samurai, as you experience their riveting stories and master their complementary playstyles.
- Make information your weapon as you explore the world, and build your own network of spies to be your eyes and ears across locations to hunt down your next target. Along the way, recruit new allies with unique abilities to help accomplish your missions.
- Create a fully customizable hideout for your growing shinobi league as you train your crew, craft new gear, interact with key characters, and choose your base’s layout, decorations, and accessories.
Ubisoft said it would grant Vantage a worldwide, exclusive, irrevocable and perpetual license to the relevant franchise intellectual property in exchange for a royalty. That means Vantage is set up to develop and expand the brands, while the structure described in the announcements is a licensed subsidiary arrangement rather than a simple sale of the franchises. Ubisoft’s transaction announcement
What does Tencent own—and what control does it have?
Tencent holds a 26.32% economic interest in Vantage after closing. Ubisoft says it exclusively controls and consolidates the subsidiary. The closing terms also give Tencent minority-protection veto and consent rights, alongside share-transfer and change-of-control provisions and a five-year lock-up subject to a stated exception. These are governance protections attached to a minority investment; they do not make Tencent the controller of Ubisoft or Vantage. Ubisoft’s closing announcement
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Rank #3
- Includes both Assassin’s Creed IV Black Flag and Assassin’s Creed Rogue, plus all single-player DLC.
- Become the most feared pirate in the Caribbean in Assassin’s Creed IV Black Flag. Take part in an award-winning naval experience and explore a massive open world.
- Become the ultimate assassin hunter in Assassin’s Creed Rogue, and play as a Templar for the first time in franchise history.
- Additional bonus content: Black Beard: The Lost Journal (pp. 1– 55) and Assassin’s Creed: Awakening Volumes 1 & 2.
- Experience enhanced features like handheld mode, HD Rumble, a touch screen interface, and motion control aiming.
Ubisoft’s March announcement said Vantage would have a dedicated leadership team and board, with authority over development, marketing and distribution. Ubisoft named Charlie Guillemot and Christophe Derennes co-CEOs on July 16, 2025. The company assigned Guillemot responsibility for brand vision, direction, content development and marketing—the “what”—and Derennes responsibility for production, co-development and technology—the “how.” March announcement Co-CEO announcement
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why did Ubisoft create the subsidiary?
Ubisoft says the structure is intended to help the three brands grow into evergreen, multiplatform game ecosystems. Its stated aims include strengthening creative capacity, improving narrative single-player experiences, expanding multiplayer with more frequent content, adding free-to-play touchpoints and integrating social features. At launch, Ubisoft also described Vantage as a “creative house” that would share services and technical resources while giving developers more hands-on control. These are company-stated goals, not demonstrated results. Ubisoft’s stated strategy Vantage launch announcement
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- A BRASH REBEL ASSASSIN: Become Edward Kenway, a charismatic yet brutal pirate captain, trained by Assassins. Edward can effortlessly switch between the Hidden Blade of the Assassin's Order and all new weaponry including four flintock pistols and dual cutlass swords
- EXPLORE AN OPEN WORLD FILLED WITH OPPORTUNITIES: Discover the most diverse Assassin's Creed world ever created. From Kingston to Nassau, explore 50 unique locations where you can live the life of a pirate
- BECOME THE MOST FEARED PIRATE IN THE CARIBBEAN: Command your ship, the Jackdaw, and strike fear in all who see her. Plunder and pillage to upgrade the Jackdaw with ammunition and equipment needed to fight off enemy ships
- EXPERIENCE THE GRITTY REALITY BEHIND THE PIRATE FANTASY: Stand amongst legendary names such as Blackbeard and Benjamin Hornigold, as you establish a lawless Republic in the Bahamas and relive the truly explosive events that defined the Golden Age of Pirates
- MULTIPLAYER EXPERIENCE: Play with your friends in the ruthless and critically acclaimed multiplayer experience. Choose from an eclectic cast of characters from the Golden Age of Pirates and fight to the death in exotic locations
What does the deal mean for players and investors?
For players, the announcements establish which franchises and development teams sit within Vantage, but they do not establish specific release plans or prove that future games will improve. For investors, the transaction brings €1.16 billion of Tencent investment into the subsidiary while Ubisoft retains exclusive control; the sources do not establish the deal’s effect on Ubisoft’s future sales, profitability or share price.
Yves Guillemot called the closing a strategic partnership and described Tencent as a minority shareholder in Vantage. The practical significance will depend on how the studio executes its plans; Ubisoft’s deal announcements alone cannot show whether those plans will produce stronger games or commercial performance. Ubisoft’s closing announcement
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