Tencent Goes Aggressive On Its Overseas Endeavors As Domestic Crackdown Pinches

Tencent Holding Ltd TCEHY looks to raise its stake in French video game group UbiSoft Entertainment Inc UBSFY in its quest to tap the overseas market, Reuters reports.
Tencent, which purchased a 5% stake in Ubisoft in 2018, has expressed interest in increasing its stake in the firm.
Tencent reportedly aspires to become the single largest shareholder of the French company with an additional stake purchase.
Also Read: Tencent's Overseas Ambitions Faces Resistance From India: Report
Tencent looks to buy a part of the additional stake in Ubisoft, the maker of the blockbuster "Assassin's Creed" video game franchise, from the Guillemot family, which owns 15% of the firm.
Tencent could offer up to €100 ($101.84) per share to acquire the additional stake implying a premium of 127% to the stock's €44 average price over the past three months.
Tencent's move reflects its desperation to make a mark overseas as the sweeping domestic regulatory crackdown takes a toll on its fortunes.
Tencent failed to win new domestic game licenses since June last year before China froze gaming approvals for nearly nine months. China resumed its permissions in April 2022.
Tencent failed to beat the Q1 revenue consensus due to the ongoing crackdown on the sector.
Price Action: TCEHY shares traded higher by 1.22% at $39.70 on the last check Thursday.