Tencent will take a 29% stake in video games maker Funcom

FILE PHOTO: the Logo of Tencent, is shown at a press conference in Hong Kong, China, March 22, 2017. REUTERS/Tyrone Siu

OSLO (Reuters) – China’s Tencent Holding Ltd’s (0700.HK) has agreed to buy a 29% stake in Oslo-listed computer games developer, Funcom (FUNCOM.E) the second-largest shareholder, Funcom said on Monday.

Tencent, a major provider of online games bought in the shares of the KGJ Capital, at a 21.8% premium over Friday’s closing price, and the valuation of Funcom, at 1.22 billion Norwegian crowns ($134.33 million).

Based in the Netherlands, and Funcom, the developer of a wide range of online games, including adaptations of ‘Conan the Barbarian’ franchise.

“The insight, experience, and knowledge, which is Tencent willbring it is of great value to us, and we look forward to the opportunity to work closely with them,” Funcom’s Chief Executive, Rui Casais, said in a statement.

Funcom’s shares have surged by 23 percent in the early trade, hitting a 10-week high of 15.95 and the Norwegian krone.

Reporting by Terje Solsvik,

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