Chinese Giant Tencent Now Holds 15% Equity in Alan Wake and Max Payne Studio Remedy

The creator of the popular Alan Wake franchise, Remedy Entertainment, shared a stock exchange release. According to their release, the Chinese giant Tencent has almost tripled their acquired shares in Remedy and now owns 14.8 per cent of the company’s shares and voting rights. Tencent first acquired 3.8 per cent shares in May 2021 when Accendo Capital sold 500,000 shares of Remedy Entertainment to Tencent.

Remedy CEO Tero Virtala welcomed Tencent as their shareholder by stating, “We are naturally aware that Tencent has extensive expertise in the industry, so we are honoured by their interest in Remedy and happy to welcome Tencent as a new shareholder.” Later, in November 2022, Tencent upped its numbers by increasing its shareholding to 5.01 per cent. 

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Tencent Holds 15 percent Of Shares And Voting Rights At The Remedy Entertainment

According to the stock exchange release, Alan Wake 2 studio Remedy received a notification on 25 April 2024 about Tencent’s shareholding and voting rights crossing the 10 per cent threshold. The post read:

Remedy Entertainment Plc has on April 25, 2024, received a notification under Chapter 9, Section 5 of the Finnish Securities Markets Act according to which Tencent Holdings Limited’s indirect shareholding of Remedy shares and voting rights has gone above the 10 percent threshold on April 24, 2024.

While talking about the numbers, Remedy stated that of the 13,552,651 total number of shares and voting rights, Tencent now owns 2,005,716 shares, i.e. 14.80 per cent of the total shares of Remedy Entertainment.

According to the notification, Tencent Holdings Limited’s indirect shareholding in Remedy has increased to 2,005,716 shares, corresponding to 14.80 percent of Remedy’s shares and voting rights. Remedy’s registered total number of shares and voting rights amounting to 13,552,651 has been used in the calculation of percentages for the notification.

Behind the curtains, Remedy Entertainment is working on several different titles, including the development of an upcoming Remedy game, Codename Kestrel. Kestrel, which was supposed to be a free-to-play game, will now be a “premium game with a strong, co-operative multiplayer component” and will be published by Tencent.

After fully acquiring the rights of the Control franchise from 505 Games, Remedy Entertainment is working on the sequel to the 2019’s Control. Another upcoming title, Codename Condor, has entered full production at Remedy Entertainment. Condor will be a co-operative multiplayer game set in Control Universe.