Tencent buys 15.75% of Arrowhead for €73 million.

The commercial success of Helldivers 2 in 2024 placed the Swedish Arrowhead Game Studios on the radar of major industry investors. The consequence came in the form of a partial acquisition: the Chinese giant Tencent invested over 73 million euros to acquire 15.75% of Arrowhead's shares, becoming one of the main shareholders of the producer.

The investment, revealed by financial records from Sweden, raised Arrowhead's valuation to 465 million euros. The negotiation positions Tencent alongside key figures of the producer, such as Johan Pilestedt, Malin Hedström, Emil Englund, Anton Stenmark, and Peter Lindgren, founders who continue to hold leadership positions in creative and executive roles.

Despite the influx of foreign capital, Arrowhead states that it intends to maintain its creative independence. The company assured in a statement that Tencent's participation is a strategic investment that will not interfere with the decisions on future development or publications. "Our focus remains on delivering unique experiences to players and maintaining control over the creative direction of our games," stated the studio.

The purchase comes just months after Helldivers 2 broke sales records and gained global prominence. Released in February 2024, the game sold over 12 million copies in just 12 weeks, becoming the biggest launch in PlayStation history for PC, surpassing titles like God of War and Spider-Man Remastered.

The movement by Tencent is not isolated. The Chinese company has been expanding its presence in the Western market through acquisitions and stakes in companies like Supercell, Riot Games, Epic Games, Ubisoft, Funcom, FromSoftware, and others. In the case of Arrowhead, Tencent follows a strategy of acquiring smaller stakes, keeping studios relatively autonomous — unlike the model of absolute control by other industry giants.

This investment reinforces the trend of independent studios becoming targets of foreign capital after demonstrating international growth potential with successful IPs. It remains to be seen whether Arrowhead's promise of creative independence will withstand the test of time, or if the influence of a new influential shareholder will begin to change the course of its future projects.