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Ubisoft Shareholder Alleged Undisclosed EA and Microsoft Talks—What’s Confirmed

AJ Investments alleged undisclosed Ubisoft discussions with EA and Microsoft, but the reported talks remain unverified. Ubisoft confirmed a broader strategic review and later completed a Tencent investment in Vantage Studios.
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AJ Investments alleged in March 2025 that Ubisoft had not disclosed reported discussions with Electronic Arts, Microsoft and other parties about acquiring Ubisoft intellectual property. The available reporting does not independently establish that those discussions took place. Ubisoft confirmed a broader strategic-options review, and its later Tencent transaction does not confirm EA or Microsoft involvement.

What did the shareholder allege?

On March 12, 2025, Insider Gaming reported that AJ Investments, which held less than 1% of Ubisoft according to the report, accused the company of failing to inform investors about reported meetings or discussions with EA, Microsoft and other parties over possible acquisitions of Ubisoft intellectual property. The report attributed the claim to AJ Investments CEO Juraj Krúpa and linked it to a MergerMarket article restricted to subscribers. TechRadar also reported Krúpa’s claim and its connection to that article.

The underlying MergerMarket report and a primary AJ Investments filing or statement were not independently available in the sources reviewed. The allegation therefore should not be treated as proof that EA or Microsoft met with Ubisoft, made offers, or sought any particular franchise. No independently verified offer or valuation for an alleged EA or Microsoft transaction was reported in these sources. (Insider Gaming; TechRadar)

What did Ubisoft confirm?

Ubisoft said its board had established an independent ad-hoc committee to oversee a formal, competitive strategic-options process. In the statement reproduced by Insider Gaming, the company said the process was intended “to extract the best value from Ubisoft’s assets and franchises for all stakeholders” and that it would inform the market “in accordance with applicable regulations if and once a transaction materialises.”

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This confirmed a company-wide strategic review, not the specific alleged meetings with EA or Microsoft. Ubisoft’s statement did not name either company as a participant. (Insider Gaming)

What happened after the allegation?

On March 27, 2025, Ubisoft announced that its board had unanimously approved a transaction following a formal competitive process and consideration of expressions of interest from diverse parties. The transaction established a subsidiary built around Assassin’s Creed, Far Cry and Rainbow Six. Ubisoft announced completion on November 21, 2025: Tencent invested €1.16 billion in cash in Vantage Studios.

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That €1.16 billion was Tencent’s investment in the subsidiary, not a reported offer for all of Ubisoft or a price for any one franchise. Ubisoft’s announcements do not identify EA or Microsoft as participants, so the completed Tencent transaction does not substantiate the earlier allegation. (Ubisoft, March 27, 2025; Ubisoft, November 21, 2025)

Did AJ Investments take further action?

Insider Gaming reported that AJ Investments planned a protest outside Ubisoft’s Paris offices in May 2025 and was prepared to sue over what it called misleading investors. The available sources establish that the shareholder made those plans and statements; they do not verify that the protest took place or that a lawsuit was filed. (Insider Gaming)

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What does this mean for Ubisoft shareholders?

Ubisoft’s investor-relations guidance says shareholders may attend company meetings regardless of the size of their holding, ask managers questions and vote on resolutions. It describes ordinary and extraordinary meetings and the publication of meeting notices under French law and regulations. These general rights do not determine whether the alleged discussions triggered a disclosure obligation or whether Ubisoft breached one; the sources cited here do not establish either conclusion. (Ubisoft shareholder meetings)

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