Tencent in $148 million bid for online games maker Funcom

Tencent in $148 million bid for online games maker Funcom 45
Tencent in $148 million bid for online games maker Funcom 55

FILE PHOTO: People visit Tencent’s booth at the World 5G Exhibition in Beijing, China November 22, 2019. REUTERS/Jason Lee

OSLO (Reuters) – China’s Tencent Holdings has launched a bid for Norwegian computer games-maker Funcom, valuing the Oslo-listed firm at 1.33 billion Norwegian crowns ($148 million), the two companies said in a joint statement.

The board and management of Funcom unanimously supported the all-cash bid of 17 crowns per share, a 27% premium to Tuesday’s closing price of 13.35 crowns.

Based in the Netherlands, Funcom is the developer of a range of computer games that are played online or on other platforms, including adaptations of the Conan the Barbarian franchise.

Tencent, itself a major distributor of online games, announced last September it had taken a 29% stake in Funcom, making it the largest owner.

“Funcom has a strong track-record in developing new titles with long life spans,” said Tencent Senior Vice-President Steven Ma.

Funcom’s management and staff will remain unchanged following the planned acquisition, the companies added.

Reporting by Terje Solsvik, editing by Gwladys Fouche

Our Standards:The Thomson Reuters Trust Principles.

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