Tencent buys 14.8% of Remedy's shares, Remedy CEO: 'We don't see this changing anything'

Following the release of Alan Wake 2, Tencent has nearly tripled its investment into Remedy Entertainment.

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Chinese games giant Tencent now owns 14.8% of Remedy, the developer of Alan Wake, Control, and the Max Payne games. This is a 289% increase from Tencent's previous ownership of just 3.8% of Remedy's shares.

Remedy has partnered with Tencent on a new free-to-play game codenamed Kestrel, which is a reboot from its previous game, codenamed Vanguard. Kestrel is currently in concept phases of development. Tencent's new share buy-up comes months after Remedy announced the reboot.

Remedy Entertainment CEO Tero Virtala was asked during the Q1'24 results Q&A session about Tencent's increased stake. Virtala says this doesn't change much, and that Remedy is going full steam ahead on its current trajectory.

"Tencent has been an owner at Remedy for a longer time, and Tencent naturally being in many senses the biggest gaming company in the world, they have ownerships in a lot of companies.

"After they had done this transaction, they reached out to us to say that this was a financial investment for them. They said that they have strong belief in our future potential and saw this as a good investment. That's where we are at the moment.

"We are continuing according to our strategy. We don't see this at the moment changing anything."

The official press release announcement of Tencent's increased share ownership clarifies a few details:

"According to the notification, Tencent Holdings Limited's indirect shareholding in Remedy has increased to 2,005,716 shares, corresponding to 14.80 percent of Remedy's shares and voting rights.

"Remedy's registered total number of shares and voting rights amounting to 13,552,651 has been used in the calculation of percentages for the notification."