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Tencent Holdings Acquires 3.8% Stake In Remedy Entertainment

by Rainier on May 18, 2021 @ 9:05 a.m. PDT

Remedy Entertainment has been informed that Accendo Capital SICAV RAIF has sold 500,000 Remedy shares, corresponding to 3.8% of outstanding shares and votes, to Tencent Holdings Ltd.

Accendo Capital holds approximately 1.8 million shares after the transaction, corresponding to 14.0% of outstanding shares and votes.

Tero Virtala, CEO of Remedy Entertainment said, "This is a capital markets transaction between Accendo Capital and Tencent, and is not connected with the commercial activities at Remedy. We are naturally aware that Tencent has extensive expertise in the industry, so we are honored by their interest in Remedy and happy to welcome Tencent as a new shareholder."

Bo Wang, Corporate Vice President of Tencent said, "Tencent has followed Remedy Entertainment's progress for a period of time and is impressed by what the talented Remedy team have accomplished. Tencent welcomes this opportunity to become a long-term shareholder of Remedy and we look forward to using our industry knowledge to support Remedy in the future.”

Henri Österlund, Founder of Accendo Capital said, "In all our investments we place a high value on having good co-owners and partners helping our portfolio companies to reach their full potential, and we wanted to offer Tencent the possibility to become a meaningful shareholder in Remedy.”

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