Square Enix and Tencent have announced the formation of a strategic alliance that will result in the establishment of a joint-venture company, co-development of AAA titles based on new intellectual properties, the licensing of existing intellectual properties, and more.

Find the full press release below.

Square Enix Holdings Co., Ltd. (the “Company”), today announced that the Company and Tencent Holdings Limited have signed a letter of intent to create a strategic alliance between the high-quality content provider and the mega internet service provider.

Square Enix Group is making tireless efforts to offer unique content experiences to its fans all over the world through multifaceted business deployment. Square Enix Group will be accelerating these business development efforts to enhance its content services worldwide through this strategic alliance with Tencent Group. Outcomes of this newly created alliance include the establishment of a joint-venture company, co-development of AAA titles based on new intellectual properties, the licensing of existing intellectual properties, and more.

“We have strong expectations for this strategic alliance with Square Enix Group,” says Steven Ma, Senior Vice President, Tencent Group. “The alliance will enable us to couple our broad range of internet service capabilities to Square Enix Group’s superb creativity, and provide our customers with unprecedented content experiences on a global basis.”

“Tencent Group and Square Enix Group share the vision of utilizing technology and creativity to deliver unprecedented entertainment experiences and services to a global audience,” said Yosuke Matsuda, President and Representative Director of Square Enix Holdings. “This newly established alliance will be a strong boost to Square Enix Group’s strategy to diversify our content offerings and expand access channels to a wider customer base.”

Further details of the strategic alliance will be announced at a later date as progress is made.