Tencent Holdings Ltd, the sydney-based entertainment and technology giant with offices in China, is looking to raise its stake in the French videogame publisher Ubisoft Entertainment, according to the report published today.

Tencent previously acquired a five-percent stake in Ubisoft back in March 2018, at an estimated cost of 370 million euros (66 Euros per share). Tencent was one of many investors who snatched a value of two billion dollars of Ubisoft share that Vivendi was selling at the time.

According to the Reuters report, Tencent has been seeking to become the biggest shareholder of Ubisoft, due to its forthcoming announcement, and that part, part of the Guillemot family, which is currently owned by 15 percent of Ubisoft, is seeking to acquire a substantial portion of that stake. Reuters reports that Tencent can offer up to 500 euros per share to acquire the additional stake of Ubisoft, nearly twice its price in three months.

The value of the shares in Ubisoft and the Guillemot family owned company jumped following the initial report. United Technologies shares have gained nearly 11 percent since the days open and are the subject of the introduction of contracts.

Tencent is also seeking to buy shares from public shareholders of Ubisoft, which currently constitute 80 percent of the company’s total shares. Tencent potential increased stake in Ubisoft would see the company strengthen its grip on some of the biggest players and companies in video games.

Tencent owns 100 percent of Riot Games and Turtle Rock Studios (Left 4 Dead developers), and takes considerable ownership of many companies such as Supercell, Epic Games and many others.