Ubisoft Shareholder Protests at Paris HQ, Alleges Secret Talks with Microsoft, EA on IP Acquisitions

A minority shareholder in Ubisoft, AJ Investments, led by CEO Juraj Krúpa, is organizing a protest at the company's Paris headquarters. The protest stems from accusations that Ubisoft's management has failed to disclose discussions with Microsoft, EA, and other publishers interested in acquiring its franchises. Krúpa criticized Ubisoft's management for mismanagement, declining shareholder value, poor operational execution, and failure to adapt to market trends.

In a statement seen by IGN, Krúpa accused Ubisoft of lacking transparency, particularly regarding a partnership for an Assassin's Creed Mirage DLC with the Saudi investment firm Savvy Group. Additionally, a restricted article from MergerMarket mentioned potential discussions about acquiring Ubisoft's IPs, which Krúpa claimed were not disclosed to the public.

Ubisoft has faced significant challenges in recent years, including high-profile flops, layoffs, studio closures, game cancellations, and numerous delays. Bloomberg previously reported that Ubisoft's founding Guillemot family and shareholder Tencent were exploring taking the company private, though these discussions were exploratory at the time.

Rumors suggest that Tencent may be hesitant to fully embrace Ubisoft due to the Guillemot family's desire to retain significant control. Without Tencent's support, few other entities have the financial capacity to address Ubisoft's current challenges.

Krúpa highlighted the repeated delays of Assassin’s Creed Shadows, originally set for July 18, 2024, then moved to November 15, 2024, and finally to March 20, 2025. These delays, along with revised financial guidance, led to significant stock declines, adversely affecting retail investors while benefiting corporate and institutional investors like Credit Agricole, Goldman Sachs, Morgan Stanley, and others.

AJ Investments is calling on all frustrated Ubisoft investors to join the protest in May, emphasizing the need for management to take decisive action to improve shareholder value. Krúpa mentioned that Ubisoft's management, advised by Goldman Sachs and JP Morgan, is reviewing strategic options, and the protest aims to pressure them into making beneficial decisions.

Krúpa stressed the importance of transparency and accountability, stating that Ubisoft has underperformed compared to its peers and needs to listen to its shareholders. AJ Investments is prepared to sue Ubisoft for misleading investors if necessary.

This isn't the first time AJ Investments has criticized Ubisoft. In September, they issued an open letter to Ubisoft’s board and Tencent, expressing dissatisfaction with the company's performance and urging a change in leadership and consideration of a sale, following the disappointing launch of Star Wars Outlaws.

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