Tencent becomes majority investor in Rime developer Tequila Works

Tencent has become the majority shareholder in Madrid-based studio Tequila Works.

The amount of investment Tencent has made in the Rime and Gylt developer has not been disclosed, but it will be used grow the studio and develop more original IP.

The company is currently working on Song of Nunu: A League of Legends Story as part of a partnership with Riot Games.

"For 12 years, the teams at Tequila Works have passionately crafted high-quality titles that radiated our personal sensibilities," said the studio's CEO Raúl Rubio. "But there's a limit to how much you can grow by yourself."

He added: "[Tencent is] a partner that can appreciate the value of top creative talent with originality as their banner. One that respects our independence and creative freedom. This partnership will allow us to focus on taking the original IPs we are known for to greater heights and create the best experiences we can dream of."

The move is the latest in a string of investments and acquisitions by the Chinese megacorp, following its acquisition of Improbable's development studio Inflexion and Polish developer 1C Entertainment.

The company also took a minority stake in Canadian studio Offworld Industries.

Tencent currently owns Riot Games, Sumo Group, Turtle Rock Studios, Sharkmob, Funcom, Wake Up Interactive, and Leyou (which in turn owns Athlon Games, Digital Extremes and Splash Damage).

It also holds varying stakes in several major games firms including Activision Blizzard, Ubisoft, Supercell, Roblox, Epic Games, Netmarble, Paradox Interactive, Remedy Entertainment, Dontnod Entertainment, Bloober Team and Playtonic Games.