“It’s a critical moment” – furious investors are taking legal action against Ubisoft and demanding an extraordinary meeting to revise its controversial agreement with Tencent.

Ubisoft has laid its strategy bare. Hot on the heels of Assassin’s Creed Shadows, the company announced the creation of a new subsidiary in collaboration with Tencent, which will contribute €1.16 billion to the project. This new unit will exclusively manage three of Ubisoft’s flagship IPs: Assassin’s Creed, Far Cry, and Rainbow Six. While the move has stirred up concern among fans and staff, it has also sparked outrage among shareholders. One investor group has now launched legal proceedings to force an emergency shareholder vote.

AJ Investments, a longtime critic of Ubisoft’s direction, issued a formal statement (via Insider Gaming) demanding an Extraordinary General Meeting (EGM) to urgently reassess the Tencent deal. The group insists that all shareholders, excluding Tencent, be granted the right to vote on two key resolutions:

Renegotiate the Tencent agreement. AJ Investments argues that the deal should be restructured as a “direct asset sale” to Tencent, with a valuation of at least €4 billion. “Right now, shareholders don’t understand how the deal announced last week serves their interests.”

Issue a special dividend. Following the transaction, “Ubisoft must return €23 per share” to investors, totaling €3 billion. The remaining €1 billion would be used to clear the company’s net debt.

“The time to act is now – before the damage becomes irreversible.”

The group highlights that Ubisoft’s share value has dropped significantly since the Tencent partnership was unveiled. “This sharp decline sends a strong message – the deal is fundamentally flawed, structured to bypass mandatory public offering laws, and aimed at cementing the Guillemot family’s control.”

AJ Investments continues: “We believe this is a defining moment for shareholders. Without intervention, Ubisoft could offload more assets or even dissolve holdings without delivering fair value.”

“We urge Ubisoft’s leadership to clearly outline the deal’s benefits to shareholders (not in two vague A4 pages), and let the owners vote. Either sell the full IPs to Tencent or transfer the 25% stake in the new subsidiary – investors must decide.”

The statement ends with a rallying cry: “We call on all minority shareholders to stand with us in this legal action to safeguard value and demand transparency. The moment for action is today – before it’s too late.”

Source: 3djuegos