Tencent has acquired a 3.8 percent stake in Control and Alan Wake developer Remedy Entertainment for an undisclosed fee.
The Chinese company purchased 500,000 shares in the Finnish studio from Accendo Capital, representing 3.8 percent of outstanding shares and votes. Accendo was left with a 14 percent stake in Remedy following the deal.
Tencent is the owner of League of Legends maker Riot Games and Clash of Clans developer Supercell. It also develops and operates a number of high-profile titles in China, including Arena of Valor, Honor of Kings, PUBG Mobile, and Call of Duty: Mobile.
Tencent said it has followed Remedy's progress for some time and has been impressed by what the studio has accomplished. "Tencent welcomes this opportunity to become a long-term shareholder of Remedy," added Tencent corporate vice president, Bo Wang. "We look forward to using our industry knowledge to support Remedy in the future.”
Remedy chief exec Tero Virtala said the studio was flattered by Tencent's interested but noted the deal was purely a capital markets transaction and isn't "connected with the commercial activities at Remedy."