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TECHNOLOGY: Media Reports That Ubisoft Is Exploring Tencent JV

TECHNOLOGY

UBIFP       Unrated

Reports lean more towards a JV with Tencent as opposed to a buyout which makes sense given the Guillemot brothers seem intent on retaining control and previous reports noted that various strategic options were under consideration. It is difficult to assess the credit implication without knowing the final structure though this would lower the likelihood of a full takeover. Reminder that Ubisoft 27s feature a CoC put at par though this excludes the ‘existing concert’ (i.e. the Guillemot Brothers). 

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UBIFP       Unrated

Reports lean more towards a JV with Tencent as opposed to a buyout which makes sense given the Guillemot brothers seem intent on retaining control and previous reports noted that various strategic options were under consideration. It is difficult to assess the credit implication without knowing the final structure though this would lower the likelihood of a full takeover. Reminder that Ubisoft 27s feature a CoC put at par though this excludes the ‘existing concert’ (i.e. the Guillemot Brothers). 

Keep reading...Show less