Remedy Entertainment, the developer of "Control" and "Alan Killer", recently signed a 15 million euro loan agreement with Tencent. The company announced the news in a release. In the announcement, Remedy CEO Tero Virtala said the new funding will allow the company to continue advancing game development and independently publish future games.
"Part of Remedy's long-term strategy is to strengthen our position in the value chain, gain greater control over how our games are commercialized, and increase our share of the value these games can create," he said.
"As we continue our shift toward self-publishing, this financing will support our development and allow us to fully realize the potential of games in development and successfully commercialize our next self-published game. Tencent's investment demonstrates strong confidence in Remedy's long-term vision and strategy."
The games currently being developed by Remedy include "Control 2", the "Control" spin-off game "Project Condor", and "Max Payne 1+2 Remake".
The convertible loan agreement has a non-cash annual interest rate of 8% and a conversion price of 27.2 euros per share. The price change allows the loan to be converted into up to 811,100 new Remedy shares, accounting for approximately 5.98% of the company's total shares.
Prior to this, Tencent already held 15% of Remedy’s shares.