Ubisoft is spinning off Assassin’s Creed, Far Cry, and Tom Clancy’s Rainbow Six into a subsidiary backed by Tencent, according to an announcement on Thursday. The Chinese gaming giant will invest €1.16 billion (~$1.3 billion) for a 25 percent stake in the carveout, which will have a total value of about €4 billion (~$4.3 billion).

Ubisoft on Thursday announced it's creating a new gaming subsidiary and that Chinese technology giant Tencent will invest 1.16 billion euros ($1.25 billion) into the unit.

French videogame maker Ubisoft said on Thursday it has set up a subsidiary in which China's Tencent will invest 1.16 billion euros ($1.25 billion).