Chinese giant Tencent is reportedly looking to become Ubisoft’s largest shareholder by further increasing its stake in the company.

This comes from a report by Reuters, saying that Tencent could offer up to 100 Euros ($101.84) per share to increase its stake from the 5% it currently has now. Their aim is to become the majority stakeholders in Ubisoft, with plans to acquire shares from the Guillemot Family and from public shareholders.

The Guillemot Family, founders of Ubisoft, owns a 15% stake, while the remaining 80% is owned by public shareholders.

Tencent’s offer is said to be “way above” the current value to discourage competing offers, as Ubisoft is considered an “important strategic asset” to the Chinese company.

Since the report broke, shares of Ubisoft have surged by 16%, while shared in Guillemot Corp SA was trading by more than 7%. The details of the deal have yet to be finalized and are still subject to change, sources have said.

Ubisoft is currently working on an Avatar game, Frontiers of Pandora, that was unfortunately delayed to a 2023-2024 window.