Remedy Entertainment, the developers behind Control and Alana Wake, have entered a loan agreement with Tencent for €15 million ($16.76 million).
The announcement comes via press release from Remedy on Friday morning. It’s a move that Remedy CEO Tero Virtala says allows the company to move forward with development of games as well as self-publish future titles.
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“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,” he said.
“As we move towards self-publishing, this financing will support us in developing and fully realizing the potential of the games we have in development and successfully carrying out the commercial activities of our next self-published games. Tencent’s investment demonstrates strong confidence in Remedy’s long-term vision and strategy.”
Remedy currently has a number of games in development, including Control 2 and Control spin-off game Project Condor. The studio is also working on the Max Payne 1 & 2 remake that is in full production.
The convertible loan agreement carries an 8% annual non-cash interest rate that will convert at €27.2($30.40) per share. The price will allow the loan to be converted up to 811,100 new Remedy shares. That represents roughly 5.98% of all shares in the company.
Tencent currently owns 15% of Remedy.
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