Alan Wake and Control developer Remedy has entered into a convertible loan agreement with Chinese conglomerate Tencent, to the amount of €15 million/$16,761,075.
This unsecured loan could later be converted into Remedy shares «under certain circumstances» on the third anniversary of the drawdown.
The deal has yet to be approved, and will be up for discussion during Remedy's Extraordinary General Meeting on October 24. «Part of Remedy's long-term strategy has been to strengthen our position in the value chain, to have more control over how our games are commercialized, and to grow our share of the value these games can create,» Remedy CEO, Tero Virtala said in a press release. «As we move towards self-publishing, this financing will support us in developing and fully realizing the potential of the games we have in development and successfully carrying out the commercial activities of our next self-published games.
Tencent's investment demonstrates strong confidence in Remedy's long-term vision and strategy.» If approved, the loan could eventually be converted into a maximum of around 811,100 Remedy shares, which amounts to around 5.98% of all Remedy shares.
Tencent already has a stake in the Finnish developer, too. Back in '21, it acquired 3.8% of Remedy's shares, which it then increased earlier this year, to 14%.