Tencent has increased its stakes in Ubisoft with a €300m investment in Guillemot Bros.
It means the studio now holds a 49.9% stake in the company run by Ubisoft's co-founders, which in turn has the largest stake in Ubisoft.
As part of the deal, Tencent will now look to bring some of the studioo's biggest franchises to mobile.
In a statement, Yves Guillemot - CEO and co-founder of Ubisoft - said: "The expansion of the concert with Tencent further reinforces Ubisoft's core shareholding around its founders and provides the company with the stability essential for its long-term development.
"In a context where platforms and business models are converging, this transaction, which validates our strategy and highlights the strong intrinsic value of the assets we have built over the long term, is excellent news for our teams, gamers and shareholders.
"Tencent is a key shareholder partner for many of the industry's leaders, who have created some of the most outstanding video games.
"This transaction reinforces our ability to create strong value over the coming years."
As a result of the deal, Tencent has more than doubled its Ubisoft stake to 9.99%, while Guillemot Bros.' own stake in the studio can hit 29.9%.
And Martin Lau, President of Tencent, added: "We are excited to expand our engagement with the founders, the Guillemot family, as Ubisoft continues to develop immersive game experiences, and to bring some of Ubisoft's most well-known AAA franchises to mobile.
"This agreement also aligns with our philosophy to invest alongside creative founders with full confidence that they will lead their companies to new heights."
