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Remedy Entertainment, creator of Alan Wake 2 and Control, is awaiting approval after signing a loan agreement with Tencent for 15 million euros (around $16.7m).
The approval will be decided following Remedy’s Extraordinary General Meeting, which is due to take place by October 24th. The finance also requires approval from Remedy’s Board of Directors.
The unsecured loan attracts 8% annual non-cash interest and has a fixed conversion rate of 27.2 euros per share. This corresponds to a 63.86% premium to the closing price for Remedy’s shares on Nasdaq Helsinki on September 26th.
In a statement, Remedy CEO Tero Virtala mentioned that the company’s long-term strategy is to have “more control over how our games are commercialized and to grow our share of the value these games can create.”
Virtala also said this financing would help with Remedy’s move into self-publishing, supporting the company in “developing and fully realizing the potential of the games we have in development,” alongside completing “commercial activities” relating to upcoming self-published releases.
It’s likely no coincidence that this follows last week’s news of mass resignations at Annapurna Interactive.
Control 2: Will the Game Be Launched?
Fans expressed concern that Remedy’s upcoming title Control 2 would be affected by the news. However, in 2022 Remedy revealed it would be co-publishing the title with 505 Games.
Annapurna Pictures, not Annapurna Interactive, is co-producing and co-financing the game, and was reportedly unaffected by the recent resignations.
Nevertheless, if approved, this loan will help to fund Remedy to self-publish Control 2 and other upcoming titles including the Max Payne 1 and 2 Remakes, Condor, and any future Alan Wake 2 DLC.
