Tencent is increasing its minority stake in Ubisoft, announcing a further $300 million investment in the maker of Assassin's Creed.

According to a statement published Tuesday, the Chinese gaming giant will buy 49.9% of the Guillemot Brothers, who founded Ubisoft in 1986, It will pay 200 million euros ($198 million) to buy an indirect stake in Ubisoft at an implied value of 80 euros a share, and invest a further 100 million euros in the holding company. 

The transaction also authorizes Tencent to raise its direct stake to 9.99% from 4.5% currently. Governance at Ubisoft will remain unchanged, and Tencent will not have any operational veto rights. 

Ubisoft said the latest deal includes a partnership with Tencent to bring some of its biggest franchises to mobile platforms.

Tencent initially bought a 5% stake in Ubisoft in 2018 to help it thwart a hostile takeover from Vivendi. As the world's largest game publisher, Tencent has invested in or acquired a large number of game studios in recent years. It controls Riot Games 100%, Epic Games 40%, Bluehole 11.5%, the creators of PUBG, Supercell 84.3%, and more.

With the domestic gaming business under regulatory pressure, Tencent has had to seek growth overseas. Since April, China has given four batches of gaming licenses after a nearly nine-month-long licensing freeze, but Tencent's name didn't show in any of them.

In May, the Shenzhen-headquartered firm reported that domestic game revenue fell 1% in the first quarter, while international game revenue rose 4%.

To offset turmoil in the domestic market, Tencent has been speeding up acquisitions and investment in the gaming space. Just last week, it announced a $260 million joint investment with Sony in Elden Ring maker FromSoftware. This comes after it invested in a bunch of other smaller studios like Life is Strange maker Dontnod.