Ubisoft shares jump following reports of Tencent, Guillemot family considering buyout

Shares of Ubisoft surged over 30% on Friday following reports that Tencent and the Guillemot family are considering a buyout of the struggling video game maker.

By: AP

October 6, 2024 09:37 AM IST

1 min read

A view of the Ubisoft Entertainment logo on a panel during a news conference at the company's headquarters in Saint-Mande, near Paris, France, September 8, 2022. REUTERS/Sarah Meyssonnier/File Photo

Shares of Ubisoft jumped more than 30% Friday, following reports that Tencent and the Guillemot family are considering a buyout of the video game maker.

Bloomberg news reported that Tencent and Guillemot family — minority stakeholders in Ubisoft — have been discussing ways to stabilize the company after it lost more than half its market value this year. Shares surged 33.5% to about $15.57 Friday, according to FactSet.

Ubisoft declined to comment. Tencent did not immediately respond to a request for comment.

France-based Ubisoft is the publisher behind the well-known franchise “Assassin’s Creed.” Ubisoft’s shares fell last month to their lowest point in more than a decade after its latest title “Star Wars Outlaws” underperformed and the company announced that it would delay the latest “Assassin’s Creed” game.

Yves Guillemot, Ubisoft’s CEO, said in a statement last week that the company’s “second quarter performance fell short of our expectations.”

From the homepage