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Yes. On May 20, 2018, Grinding Gear Games (GGG), the New Zealand studio behind Path of Exile, announced that Tencent had acquired a majority stake. Tencent was already the game’s Chinese publisher. GGG said at the time that it would remain independently run and retain creative control, but those were the studio’s assurances in 2018—not proof of today’s governance or of what did or did not change in the game.
What Tencent bought in 2018
GGG’s announcement on May 20, 2018 said Tencent had acquired a majority stake in the developer. A contemporaneous Game Developer report published the following day said the fee was not disclosed. The announcement established the deal’s majority-stake status, but did not publish transaction documents or a purchase price.
What GGG said would stay independent
In its May 20, 2018 announcement, GGG described the company as independently run in New Zealand, with its founders still running it and financial reporting obligations to Tencent. The studio said: “We will remain an independent company and there won’t be any big changes to how we operate.”
GGG also said it retained creative authority over the game: “We retain full control of Path of Exile and will only make changes that we feel are best for the game.” These statements explain the arrangement GGG presented to players when the deal was announced. They do not independently establish the private contract’s terms, the extent of Tencent’s influence, or how the companies make decisions now.
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What GGG said about China and international players
Tencent published Path of Exile in China, where the game had a separate version. GGG said Tencent could request experimental features for that version; the studio would consider bringing a feature to international servers if it judged it a good fit. As GGG put it in 2018: “If those features turn out to be a really good fit for both versions, then we of course port them back into the international version.” GGG also said it was not planning to prioritize the Chinese version.
On monetization, GGG promised: “We will not make any changes to its monetisation on our international servers.” That is a dated company assurance, not evidence that no later changes to the game or its business model occurred.
How the reported ownership share later changed
A 2025 report by the New Zealand–China Council gives a later ownership progression: Tencent’s equity rose from 80% in 2018 to 87% in 2020, 93% in 2022, and 100% by the report’s publication. This is the Council’s account; it is not a share-register audit. The report also infers an initial investment above NZ$100 million because approval from New Zealand’s Overseas Investment Office was required. That threshold is an inference, not a disclosed sale price.
A larger ownership percentage and day-to-day creative control are different questions. The Council’s figures describe reported equity; they do not document how much Tencent intervened in operational or game-design decisions, either then or now.
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What current official terms establish—and what they do not
GGG’s current legal terms identify Grinding Gear Games Limited as the operator of Path of Exile and Path of Exile 2. They also say players receive a limited-use license rather than ownership rights in virtual items. Those terms identify the operator and describe player rights; they do not establish corporate ownership, voting rights, or present governance arrangements.
The available accounts therefore support a clear distinction: GGG announced a Tencent majority investment in 2018, and the New Zealand–China Council later reported Tencent’s stake reaching 100%. The exact purchase price remains undisclosed in contemporaneous reporting, and the cited public statements and terms do not settle current decision-making arrangements or measure any effect of the acquisition on gameplay.
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