Tencent Acquires 15.75% Stake in Helldivers 2 Developer
- Sagar Mankar
- Jun 8
- 2 min read
In yet another bold move to expand its global gaming footprint, Tencent has acquired a 15.75% stake in Arrowhead Game Studios, the Swedish developers behind the massively successful Helldivers 2.
According to the report from Swedish business outlet DI, the deal, which reportedly took place in July 2024, was valued at approximately $83 million, placing Arrowhead’s total company valuation around SEK 5.1 billion (~$532 million USD).
Reports also stated that Arrowhead generated over $100 million in turnover in 2024 alone, with an impressive operating profit of around $76 million.
Helldivers 2’s Ongoing Success
Following its February 2024 release, Helldivers 2 has smashed expectations. It sold 12 million copies in its first 12 weeks, becoming PlayStation’s fastest-selling game ever, and it still draws 2.5 million weekly active players, according to Arrowhead CCO and co-founder Johan Pilestedt.
“The team has achieved something incredible,” Pilestedt told DI. “Above all, it’s proof that what we do resonates with the player base.”
The game was initially funded and published by PlayStation, though Arrowhead has confirmed its next project will not be under a PlayStation partnership, signaling a potentially more independent future—or one with Tencent’s deeper involvement.
Tencent’s Strategy: Going Global via Sweden
Tencent’s investment in Arrowhead isn’t an isolated move. The Chinese tech giant is already a shareholder in several Swedish studios, including Paradox Interactive, Sharkmob, Fatshark, Stunlock Studios, and 10 Chambers.
With Arrowhead now partially owned by Tencent, founder Johan Pilestedt highlighted access to the Chinese gaming market as one of the biggest advantages. “Gaining access to the Chinese player base is the holy grail in the gaming industry,” Pilestedt said.
Tencent, which also owns Riot Games outright and holds significant stakes in Ubisoft, Epic Games, and many others, has made its ambitions clear: diversify globally and gain footholds in top-performing studios across the West.
While Tencent now holds a minority stake, the majority ownership (84.25%) remains with Arrowhead’s founding members, including Pilestedt, Emil Englund, Malin Hedström, Peter Lindgren, and Anton Stenmark.
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