According to reports in foreign media, Norwegian game developer Funcom announced that Chinese Internet giant Tencent has agreed to acquire a 29% stake in the company to become its largest shareholder.

Funcom was founded in 1993. As a global leading independent developer and publisher of PC and game console games, the company focuses on the development of action adventure and massively multiplayer online games.

Funcom said that Tencent acquired Funcom shares from KGJ Capital and the price was a premium of 21.8% compared to its last Friday's closing price. The transaction valued Funcom at NOK1.22 billion, which was about USD134.33 million.

Commenting on the transaction, Funcom's CEO Rui Casais said that Tencent will bring valuable experience and vision to the company. They are looking forward to their close cooperation.