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Media & Entertainment

Tencent takes 29% stake in Oslo-listed online games developer

Chinese tech conglomerate will become Funcom's biggest shareholder

A gamer playing a Tencent game. The company valued Funcom at $134 million.   © Getty Images

OSLO (Reuters) - China's Tencent Holding Ltd has agreed to buy a 29% stake in Oslo-listed computer games developer Funcom, becoming the biggest shareholder, Funcom said on Monday.

Tencent, itself a major distributor of online games, bought the shares from KGJ Capital AS at a 21.8% premium over Friday's closing price, valuing Funcom at 1.22 billion Norwegian crowns ($134.33 million).

Based in the Netherlands, Funcom is the developer of a range of online games, including adaptations of the 'Conan the Barbarian' franchise.

"The insight, experience and knowledge that Tencent will bring is of great value to us and we look forward to working closely with them," Funcom Chief Executive Rui Casais said in a statement.

Funcom's shares rose by 23% in early trade, hitting a 10-week high of 15.95 Norwegian crowns.

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