China’s Tencent Holding Ltd has agreed to buy a 29% stake in Oslo-listed computer games developer Funcom, becoming the biggest shareholder. Tencent, itself a major distributor of online games, bought the shares from KGJ Capital AS at a 21.8% premium over Friday’s closing price, valuing Funcom at 1.22 billion Norwegian crowns ($134.33 million).

Based in the Netherlands, Funcom is the developer of a range of online games, including adaptations of the ‘Conan the Barbarian’ franchise.

Funcom’s shares rose by 23% in early trade, hitting a 10-week high of 15.95 Norwegian crowns.

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