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Tencent acquires 3.8% stake in Remedy

500,000 shares sold by Accendo Capital, which still owns 1.8 million

Tencent Holdings has acquired 3.8% of shares in Remedy Entertainment.

The 500,000 shares were sold to Tencent by Accendo Capital, which still holds 14% of outstanding shares and votes after the transaction - approximately 1.8 million shares.

Remedy was informed of the sale after it had taken place, but the Control developer stated that it is simply a capital markets transaction and is not connected to any commercial activity taking place within the studio.

"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," Remedy CEO Tero Virtala said.

Remedy enjoyed its best financial year ever in 2020 - with full-year revenues up 30% to €41.1 million.

The Finnish studio did not release any new games last year, but instead focused on expanding the critically acclaimed Control with additional platform launches and downloadable content.

Control sold over two million copies worldwide in 2020.

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