Ubisoft’s $4 billion carveout sells Tencent a 25 percent stake in some of its biggest games

Ubisoft is spinning off Assassin’s Creed, Far Cry, and Tom Clancy’s Rainbow Six into a subsidiary backed by Tencent, according to an announcement on Thursday. The Chinese gaming giant will invest €1.16 billion (~$1.3 billion) for a 25 percent stake in the carveout, which will have a total value of about €4 billion (~$4.3 billion).

Ubisoft says the new entity will include the teams working on all three franchises, along with the publisher’s back catalog of games and new titles currently in development.