Ubisoft Investor Organizes Protest at Paris Offices Over Undisclosed Talks with Microsoft and EA on Franchise Deals

A small Ubisoft shareholder is rallying for a demonstration outside the firm's Paris offices, alleging the company concealed supposed negotiations with Microsoft, EA, and other publishers eyeing its game series.

In a document reviewed by IGN, Juraj Krúpa, head of AJ Investments, described Ubisoft as severely mishandled by its leaders and demanded a solid plan to revive it, tackling falling stock prices, poor operations, and slow adaptation to industry shifts.

Krúpa charged that Ubisoft lacks openness in its choices, claiming it withheld details like an Assassin's Creed Mirage expansion deal with Saudi firm Savvy Group.

The investor highlighted a limited-access report from MergerMarket suggesting talks between Microsoft, EA, and others keen on buying Ubisoft's properties. Management kept quiet on these moves too, Krúpa asserted.

IGN reached out to Ubisoft for a response.

Last October, Bloomberg noted that Ubisoft's founding Guillemot family and investor Tencent explored going private after several major setbacks, project cuts, and a sharp drop in shares. Those discussions were preliminary, and Ubisoft said it would update the market as needed.

For years, Ubisoft has appeared stuck in a gradual decline, marked by big failures, staff reductions, office shutdowns, canceled titles, and repeated postponements.

Speculation persists on board options, with reports suggesting Tencent hesitates due to the Guillemots' push for ongoing influence. Without Tencent, few entities have the scale and funds to rescue the struggling giant Ubisoft has become.

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Leaders pushed back a key release meant to boost the firm and its finances, Assassin's Creed, initially on July 18, 2024, Krúpa's note stated. That day, Ubisoft upheld its annual targets and set AC Shadows for November 15, 2024. Only months later, in September 2024, it delayed again and adjusted forecasts, a step management could have foreseen in our opinion.

Following the third shift, the title launches March 20, 2025. Such changes and updates triggered major share drops, hitting everyday investors hardest as they lack tools to adjust quickly. This favored big players buying low, like clients of Credit Agricole, Goldman Sachs, Morgan Stanley, and more.

Convinced leaders failed to engage properly with owners, AJ Investments invites all dissatisfied holders weary of Ubisoft's flat stock and inaction to attend the May event.

We know Ubisoft's executives and CEO started a strategic review with advice from Goldman Sachs and JP Morgan. Results should emerge soon, said Juraj Krúpa, AJ Investments founder.

That's why we're setting up this May gathering—to give them space for a value-boosting decision. If it truly lifts owner returns, we'll cancel the event.

Every Ubisoft owner merits a firm that drives maximum worth with clear, responsible operations, Krúpa continued. Ubisoft lags rivals, and it's past time to heed investors. This rally will signal strongly from those who see promise but seek swift reforms.

AJ Investments is ready to take legal action against the company for deceiving holders.

This marks the second push from this group for privatization amid stock woes after Star Wars Outlaws underperformed.

In September, AJ Investments sent a sharp public note to Ubisoft's directors, including CEO Yves Guillemot and partner Tencent, voicing frustration with results, share value, and calling for new bosses plus a potential buyout. It came after chaos at Ubisoft, where shares tanked post-launch of Massive Entertainment's Star Wars Outlaws, which the company admitted fell short.