Remedy Receives $15m Loan from Tencent

Business

27 September 2024 21:12

Remedy, the developer of Alan Wake and Control, has entered into a €15m convertible loan agreement with Tencent. This loan can be converted into equity shares later, pending approval by Remedy's Extraordinary General Meeting on October 24.

Once approved, Tencent can convert the loan into new shares three years after drawdown. Remedy CEO Tero Virtala stated, "Part of Remedy's long-term strategy has been to strengthen our position in the value chain, to have more control over how our games are commercialised, and to grow our share of the value these games can create.

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As we move towards self-publishing, this financing will support us in developing and fully realising the potential of the games we have in development and successfully carrying out the commercial activities of our next self-published games." He added that Tencent's investment shows "strong confidence in Remedy's long-term vision and strategy."

Tags: Remedy

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