China’s Tencent Holdings on Wednesday made a bid of 1.33 billion ($ 148 million) for computer game-making company Funcom, pushing the Oslo-listed firm’s shares up sharply.

The companies said in a joint statement that Funcom’s board and management unanimously endorsed Nokia 17’s per-share bid, equivalent to a 27 percent premium to $ 13.35 on Tuesday.

Funcom’s shares were up 16.85 percent at 16.85 as of 08.2 GMT.

Located in the Netherlands, Funcom is the developer of a series of computer games that are played online or on other platforms, including adaptations of the Conan the Barbarian franchise.

Tencent, a major distributor of online games, announced last September that it had taken a 29 percent stake in Funcom, making it the largest owner.

“Funcom has a strong track record in developing new titles with a long life span,” said Tencent Senior Vice President Steven Ma.

The companies said that management and employees of Funcom would remain unchanged after the planned acquisition.

© Thomson Reuters 2020