Remedy and Tencent enter into a $17m loan agreement that could lead to it owning a larger chunk of the Alan Wake developer

GamesActionAlan Wake 2Remedy and Tencent enter into a $17m loan agreement that could lead to it owning a larger chunk of the Alan Wake developerWhen you purchase through links on our site, we may earn an affiliate commission.Here’s how it works.

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(Image credit: Remedy Entertainment)

Alan Wake, a writer in a snazzy black suit, gives his all during The Herald of Darkness music video from Alan Wake 2.

Alan Wake and Control developer Remedy has entered into a convertible loan agreement with Chinese conglomerate Tencent, to the amount of €15 million/$16,761,075. This unsecured loan could later be converted into Remedy shares “under certain circumstances” on the third anniversary of thedrawdown.

The deal has yet to be approved, and will be up for discussion during Remedy’s Extraordinary General Meeting on October 24.

“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,” Remedy CEO, Tero Virtala said in apress release. “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.”

If approved, the loan could eventually be converted into a maximum of around 811,100 Remedy shares, which amounts to around 5.98% of all Remedy shares. Tencent already has a stake in the Finnish developer, too. Back in ‘21, it acquired 3.8% of Remedy’s shares, which it then increased earlier this year, to 14%.

Remedy was also developing a free-to-play co-op game with Tencent, originally codenamed Vanguard. Remedy wentback to the drawing boardin 2023 to reboot the project as a premium title, codenamed Kestrel, but it wascancelledin May of this year so Remedy could “focus more on the other games in its portfolio”.

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