China’s Tencent bids $148m for online games maker Funcom

Tencent Holding Ltd

China’s Tencent Holdings launched a 1.33 billion Norwegian crown ($148 million) bid for computer games maker Funcom on Wednesday, sending the Oslo-listed firm’s shares sharply higher.

The board and management of Funcom unanimously supported the all-cash bid of 17 crowns per share, a 27% premTencent ium to Tuesday’s closing price of 13.35 crowns, the companies said in a joint statement.

Funcom‘s shares were up 26.2% at 16.85 crowns by 0817 GMT.

Based in the Netherlands, Funcom is the developer of a range of computer games that are played online or on other platforms, including adaptations of the Conan the Barbarian franchise.

Tencent, itself a major distributor of online games, announced last September it had taken a 29% stake in Funcom, making it the largest owner.

Funcom has a strong track record in developing new titles with long lifespans,” said Tencent Senior Vice-President Steven Ma.

Funcom‘s management and staff will remain unchanged following the planned acquisition, the companies said.

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.