AJ Investments and Shareholder Coalition wants clarity on the transaction with Tencent, vote on EGM
Bratislava / Paris – April 2, 2025 – In direct response to Ubisoft’s decision to transfer the IP and related rights of three major gaming franchises (Assassin Creed, Far Cry and Rainbow Siege) into a newly created subsidiary—before raising
€1.16 billion from Tencent in exchange for a 25% ownership stake (implying a
pre-money valuation of €4 billion)—AJ Investments, alongside a growing coalition of shareholders, is initiating
legal proceedings in France.
We are demanding that a French court compel Ubisoft to convene an Extraordinary General Meeting (EGM), giving all shareholders the right to vote on two critical resolutions:
- Renegotiate the Tencent Deal – This transaction must be restructured into a direct asset sale to Tencent for no less than €4 billion, the valuation already accepted by both Tencent and Ubisoft’s board. At the moment, shareholders have no clarity how the deal that was announced last week will eventually benefit shareholders of Ubisoft.
- Distribute an Extraordinary Dividend – Following the sale, Ubisoft shall return €23 per share in cash to shareholders (totaling €3 billion), while preserving €1 billion to cover remaining corporate net debt.
Additionally, we will seek a ruling that:
- Tencent be excluded from voting, due to its direct interest in the outcome of the transaction.
- Guillemot Brothers Holding’s voting rights be limited to their non-Tencent-linked shares.
The market’s reaction to this deal is clear that shareholders are not sure whether they will get a significant benefit from this transaction.
Ubisoft’s share price fell by more than 20% on unusually high volume. This signals a clear verdict from investors — the proposed deal is deeply flawed, structured to bypass mandatory public offer rules, and designed to
entrench control by the Guillemot family, who now
hold less than 10% of the company’s economic interest.
We believe this is a critical moment for shareholders. Without immediate intervention, the company may pursue further asset sales or dilution
without delivering value to shareholders. In contrast, a simple vote at an EGM could deliver
€23 per share in cash ( €3 billion valuation, source: Euronext outstanding shares for calculation)—more than
double the current share price—and restore shareholder trust in Ubisoft’s future.
We suggest that management will explain the benefits of the deal to the shareholders in detail (not 2 A4 pages from where many details are not clear) as the owners of the business and we will have a vote on it. Sell the core IPs to the Tencent as a whole or sell them the 25% stake in a subsidiary that was already announced. Shareholders will choose what they prefer.
We call on all minority shareholders to join us now in this legal effort to protect value and demand accountability. The time to act is today—before the damage becomes irreversible.
