Remedy Secures €15 Million Loan from Tencent for “Control 2” Development

This morning, Remedy Entertainment announced that it has obtained a €15 million convertible loan from a Tencent affiliate. The loan is set to be approved by Remedy’s board at a special shareholder meeting scheduled for October 24.

The loan carries an annual non-cash interest rate of 8%, with a fixed conversion price of €27.20 per share—representing a premium of 63.86% over Remedy's closing price on Nasdaq Helsinki yesterday. This conversion option allows Tencent to acquire up to 811,000 shares of Remedy, which would account for nearly 6% of the total shares. Just five months ago, Tencent increased its stake in the Finnish game development studio to 14%, and should they opt to convert this loan, their ownership could rise to around 20%.

Recently, Remedy entered into a partnership with Annapurna Interactive, which will co-finance and share the development costs for "Control 2." Additionally, Annapurna is committed to adapting the intellectual properties of "Max Payne" and "Control" into film and television formats.