The gaming world is buzzing with speculation after Ubisoft pulled a last-minute surprise. On November 14, 2025, just moments before releasing its financial results, the French gaming giant postponed its earnings report and requested trading suspension on Euronext. No official explanation. No timeline. Just silence.
This move has reignited acquisition rumors that seemed settled earlier this year when Tencent invested $1.25 billion for a 25% stake in Ubisoft’s new subsidiary. But according to industry insiders, something bigger might be brewing behind closed doors.
The Trading Halt That Started It All
Minutes before the scheduled earnings release, Ubisoft dropped a bombshell. The company announced it would delay its financial results for the first half of fiscal year 2025-26, offering zero explanation to shareholders or the public. To make matters more mysterious, they requested a complete trading halt of shares and bonds starting November 14.
Chief Financial Officer Frederick Duguet tried to calm worried employees in an internal email, citing “legal regulations” as the reason for the tight-lipped approach. That explanation did little to stop the rumor mill from spinning into overdrive.
This kind of trading suspension typically signals major corporate news on the horizon. Mergers, acquisitions, significant restructuring – these are the types of events that warrant such drastic measures. And given Ubisoft’s rocky financial performance lately, an acquisition seems increasingly plausible.
Who’s Looking to Buy?
According to a credible industry insider known as Detective Seeds, a Ubisoft employee revealed that the trading halt stems from “a serious M&A discussion to close on assets.” The source added a crucial detail – the potential buyer is not a US-based entity and has been rumored in gaming circles for a while.
That narrows the field considerably. Two names keep coming up in industry discussions:
- Tencent – The Chinese tech giant already owns significant stakes in Ubisoft and has been circling the company for years. Previous reports suggested Tencent might team up with the founding Guillemot family to take Ubisoft private.
- Sony – While less likely based on current rumors, Sony has been aggressively expanding its gaming portfolio and has the resources to make a move.
Tencent seems like the frontrunner. They’re already Ubisoft’s second-largest shareholder, and the two companies just finalized a major deal this year. Taking full control would be a natural next step.
Ubisoft’s Rocky Road
To understand why Ubisoft might be on the auction block, you need to look at their recent performance. It hasn’t been pretty. The company has been consistently unprofitable, with declining sales quarter after quarter. Net bookings dropped 20.5% to $1.85 billion in the fiscal year running from 2024 to 2025.
The stock price tells an even grimmer story. Ubisoft shares have been in free fall since 2018, and the November trading halt sent them plummeting to their lowest level since 2012. The stock has lost 49% of its value just this year alone.
The Tencent Connection
Back in March 2025, Ubisoft announced plans to spin out a new subsidiary focused on its biggest franchises – Assassin’s Creed, Far Cry, and Tom Clancy’s Rainbow Six. Tencent swooped in with a $1.25 billion investment for a 25% stake, valuing the new unit at roughly $4.3 billion.
The deal was structured to give Ubisoft breathing room financially while maintaining creative control. The subsidiary, headquartered in France, includes teams from Montreal, Quebec, Barcelona, and Sofia. Ubisoft said the transaction was progressing smoothly and expected to close by the end of 2025, pending regulatory approval.
But maybe that deal was just the opening act. Industry watchers have long suspected Tencent’s ultimate goal was full ownership, not just a minority stake.
What This Means for Gaming
A Ubisoft buyout could reshape the gaming landscape in significant ways. On the positive side, financial stability under a tech giant like Tencent could give Ubisoft’s development teams the resources and security they need to create ambitious projects without constant pressure to hit quarterly targets.
The downside? Many gamers worry about loss of creative independence. Ubisoft has created some of gaming’s most beloved franchises over the past few decades. Would those iconic series maintain their identity under new ownership? That’s the million-dollar question.
There’s also the competitive angle. If Tencent or another major player absorbs Ubisoft, it consolidates even more power in the hands of a few gaming mega-corporations. That kind of concentration can stifle innovation and reduce competition in the long run.
FAQs
Why did Ubisoft halt trading of its stock?
Ubisoft requested a trading halt on November 14, 2025, after postponing its half-year financial results. While no official reason was given, such moves typically indicate major corporate news like mergers or acquisitions is imminent.
Who is rumored to be buying Ubisoft?
Industry insiders point to Tencent as the most likely buyer. The Chinese tech company already holds significant stakes in Ubisoft and recently invested $1.25 billion for 25% of Ubisoft’s new subsidiary. Sony is also mentioned as a possibility, though less frequently.
When will we know if Ubisoft is being acquired?
There’s no official timeline yet. Ubisoft said its delayed financial results will be published “in the coming days,” which may provide more clarity. Any major acquisition would also require regulatory approval, which can take months.
What happens to Ubisoft’s games if they’re acquired?
That depends on the buyer and deal structure. Major franchises like Assassin’s Creed, Far Cry, and Rainbow Six would likely continue, but they could see changes in development philosophy, release schedules, or monetization approaches based on the new owner’s priorities.
Has Ubisoft been struggling financially?
Yes. Ubisoft has been consistently unprofitable with declining sales for several quarters. Net bookings fell 20.5% in the last fiscal year, and the stock price has dropped to its lowest level since 2012. The company’s shares have lost 49% of their value in 2025 alone.
Could Ubisoft remain independent?
It’s possible but seems increasingly unlikely. While Ubisoft hasn’t confirmed acquisition talks, the trading halt combined with insider reports and poor financial performance suggest significant corporate changes are coming. The company may be restructuring or seeking additional investment rather than a full buyout.
What role does the Guillemot family play in this?
The Guillemot family founded Ubisoft and still maintains significant influence. Previous rumors suggested they might partner with Tencent to take the company private. Any major acquisition would likely require their approval and participation given their stake in the company.
The Bottom Line
Something big is happening at Ubisoft, that much is clear. Whether it’s a full acquisition, additional investment, or some other corporate restructuring remains to be seen. The timing certainly suggests a major announcement is coming soon.
For now, all eyes are on that delayed earnings report. When Ubisoft finally releases it, we’ll likely get answers to the questions swirling around the gaming industry. Until then, the speculation continues, and Ubisoft employees and shareholders are left waiting for clarity on what comes next for one of gaming’s most iconic publishers.