Home News > Ubisoft Shareholder Protests at Paris HQ, Accuses Company of Hiding Acquisition Talks with Microsoft, EA

Ubisoft Shareholder Protests at Paris HQ, Accuses Company of Hiding Acquisition Talks with Microsoft, EA

by Hazel May 02,2025

A minority shareholder in Ubisoft, represented by Juraj Krúpa, CEO of AJ Investments, is organizing a protest outside the company's Paris headquarters. The protest stems from accusations that Ubisoft has failed to disclose discussions with Microsoft, EA, and other publishers interested in acquiring its franchises. Krúpa claims that Ubisoft is poorly managed, criticizing the senior team for not providing a clear recovery plan amidst declining shareholder value, operational shortcomings, and a failure to adapt to market trends.

In a statement seen by IGN, Krúpa accused Ubisoft of withholding information, specifically mentioning a partnership for the "Assassin's Creed Mirage" DLC with the Saudi investment firm Savvy Group. He also referenced a restricted article from MergerMarket that reported ongoing discussions about potential acquisitions of Ubisoft's IPs by Microsoft, EA, and others, which he claims were not disclosed to the public.

IGN has reached out to Ubisoft for a comment on these allegations.

Previously, in October, Bloomberg reported that Ubisoft's founding Guillemot family and major shareholder Tencent were exploring the possibility of taking the company private after a series of high-profile failures, game cancellations, and a plummeting share price. Ubisoft had stated they would inform the market if any significant developments arose from these discussions.

Ubisoft has been facing challenges for several years, marked by high-profile flops, layoffs, studio closures, game cancellations, and repeated delays. Speculation continues about the company's strategic options, with some suggesting that Tencent may be hesitant to proceed due to the Guillemots' desire to maintain significant control. Without Tencent's backing, few companies have the resources to address Ubisoft's current financial difficulties.

Krúpa's statement also highlighted the repeated delays of "Assassin’s Creed Shadows," initially postponed from July 18, 2024, to November 15, 2024, and then again to March 20, 2025. These delays, according to Krúpa, led to severe stock declines, primarily affecting retail investors while benefiting corporate and institutional investors who could buy at distressed prices.

AJ Investments is calling on all frustrated Ubisoft investors to join the protest in May, emphasizing the need for transparency and accountability from Ubisoft's management. They are aware of Ubisoft's ongoing financial review, advised by Goldman Sachs and JP Morgan, and expect results soon. If the review leads to actions that enhance shareholder value, AJ Investments may cancel the demonstration.

Krúpa stressed the importance of Ubisoft maximizing shareholder value and improving its performance relative to industry peers. AJ Investments has threatened legal action against Ubisoft for misleading investors.

This is not the first time AJ Investments has voiced concerns about Ubisoft. In September, following the disappointing launch of "Star Wars Outlaws," they issued an open letter to Ubisoft's board and Tencent, urging a change in leadership and considering a sale due to the company's poor performance and declining share price.