Finnish video game developer Remedy is in the process of finalizing a Loan, which the developer has taken from the tech giant Tencent. The 15 Million Euro Loan along will be converted into up to approximately 811,110 new shares, representing 5.98% of all Remedy shares, along with a convertible loan agreement. Remedy Entertainment is known for Max Payne, Alan Wake, and the recent Control game series. Let’s take a look at this latest breaking.
What’s the News
The news comes after collaborations between the Finish Developer and Tencent, the partnership dating back to earlier this year. Remedy canceled the premium co-op multiplayer game codenamed Vanguard in collaboration with Tencent. Remedy looked after the development, with Tencent handling the publishing side of things.
Following Remedy’s Extraordinary General Meeting’s approval of the loan, Tencent will have the right to convert it into shares of Remedy in accordance with its terms and conditions.
Why has Remedy taken this Loan
For a long time, Remedy has been looking forward to publishing its in-house developed games and to the future of its company in the gaming market’s value chain. With its recent title, Alan Wake 2, having recouped its development and marketing costs, Remedy is now looking forward to the sales of its royalties.
The loan will allow Remedy Entertainment to develop new titles and provide financial backing for current in-development projects at the Studio. Remedy CEO Tero Vitala says, “Part of Remedy’s long-term strategy has been to strengthen our position in the value chain, to have more control over how our games are commercialized, and to grow our share of the value these games can create.”
Popular Remedy Titles
Remedy is known for its story-driven action narrative titles. As one of the most trusted and beloved game developers, the studio has created some of the most fun games over the years. Here is a list of some of the most popular titles made by Remedy, which you can enjoy today while the developer keeps wraps on its upcoming releases and the highly-awaited remake of Max Payne 1 and 2.
Summary
We will have to wait and see what this loan offers in terms of Remedy developing and publishing newer titles under its banner. Tencent is highly interested in working with Remedy, as the company already owns shares in Remedy. This shows the high level of trust and faith the tech giant has in the Finnish Developer. In addition to the loan, Remedy’s next title, Control 2, will be half financed by Annapurna Pictures in return for the Film and Series rights of Control and Alan Wake.
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