Ubisoft , France's biggest video games maker, is still open to other partners after a deal in which China's Tencent will raise its stake in the company, its co-founder and CEO Yves Guillemot said on Thursday.
Guillemot's comments, made at a closed press event whose content the company asked not to be made public before a showcase event online on Saturday, came on the heels of a rough day for Ubisoft's stock, which tumbled 17% after the group announced Tencent would become its single biggest shareholder with an overall stake of 11%.The deal values the "Assassin's Creed" maker at about $10 billion.
The group has long been seen as a takeover target as the Guillemots hold a minority stake in the group. Still, the Guillemot brothers managed to fend off a raid by French tycoon Vincent Bollore via his media group VivendiSmaller mobile video game maker Gameloft, formerly led by Yves Guillemot's brother Michel, was gobbled up by Vivendi six years ago.
Ubisoft burnt through about 200 million euros in cash operationally during its 2020/2021 financial year, having generated 169 million of operational cash flow the year before.
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