Chinese giant Tencent Holdings Ltd. offered to buy Funcom NV in an all-cash offer that values the Norwegian game developer at 1.33 billion kroner ($148 million) fully diluted.

The 17 krone-a-share offer, which was recommended by Funcom’s management and board, represents a 27% premium to Tuesday’s closing price in Oslo. The shares rose to 16.88 kroner apiece as of 10:25 a.m.

Tencent is making its move after buying 29% of Funcom last year, already making it the biggest shareholder in the company. It’s the latest international foray for the world’s biggest online game company, whose foreign investments span stakes in leading game developers such as Riot Games Inc and Supercell Oy, to U.S. electric-carmaker Tesla Inc.

Funcom also said it planned to focus resources on the so-called open world survival segment, building on the success of its biggest seller, Conan Exiles. That will mean delays for another project and require more funding, it said in a separate statement on Wednesday.

“Tencent will provide Funcom with operational leverage and insights from its vast knowledge as the leading company in the game space,” Funcom Chief Executive Officer Rui Casais said in the statement. “We will continue to develop great games that people all over the world will play, and believe that the support of Tencent will take Funcom to the next level.”

The offer period will last five weeks from about Feb. 5, Funcom said.

Tencent hired JPMorgan Chase & Co. as financial adviser and Baker McKenzie and AGP Advokater AS as legal advisers. ABG Sundal Collier ASA is Funcom’s financial adviser, and Advokatfirmaet CLP DA and Weidema van Tol its legal advisers.

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