Ontario Teachers’ investing in U.S. video games developer
BY Staff | August 7, 2020
The Ontario Teachers’ Pension Plan is taking part in a US$1.78-billion funding round for Epic Games Inc., a U.S. video game and software developer.
In addition to Ontario Teachers’ and other asset managers’ contributions, Sony Corp. is contributing US$250 million to the financing round. The fresh financing brings Epic Games to a valuation of US$17.3 billion. Tim Sweeney, its current chief executive officer, will maintain control of the company.
“Having the support of leaders in the financial community accelerates Epic’s efforts to build a new kind of digital ecosystem using real-time 3D technology, services that connect hundreds of millions of people and a digital storefront that offers a fair business model,” said Sweeney, in a press release. “We are delighted to have them as part of the Epic family.”