Key Takeaways
1. Splash Damage has ended its relationship with Tencent and is now under the ownership of private equity investors.
2. The studio was founded in 2001 and has developed notable titles like Wolfenstein: Enemy Territory and Gears Tactics.
3. Tencent acquired Splash Damage through Leyou Technologies in 2020 but has since divested the studio to streamline operations.
4. The cancellation of the game Transformers: Reactivate in early 2025 led to layoffs at Splash Damage.
5. The studio is currently focused on developing an open-world survival shooter called Project Astrid, collaborating with Twitch personalities.
UK-based game studio Splash Damage, recognized for titles such as Wolfenstein: Enemy Territory, the often-overlooked Brink, and their online versions of Gears 5 and Gears Tactics, has ended its relationship with parent company Tencent.
Announcement of Acquisition
The news, shared on September 26, 2025, and covered by GamesIndustry.biz, reveals that an unnamed group of private equity investors has taken over the company. Splash Damage provided limited information, saying, “We will continue to operate under our current leadership team, but will not be providing further comment at this time.”
Studio History
Founded in 2001 by a group of modders—Paul Wedgwood, Richard Jolly, and Arnout van Meer—from the Team Fortress and Quake 3 communities, Splash Damage expanded to employ over 400 people. Over its 25-year history, the studio has been involved in various games like Batman: Arkham Origins’ multiplayer, Gears of War: Ultimate Edition, the PC port of Halo: The Master Chief Collection, Dirty Bomb, Outcasters, and Star Wars: Hunters.
Changes in Ownership
In July 2016, the studio and its affiliates, Warchest and Fireteam, were acquired by the Chinese holding company Leyou Technologies through its Radius Maxima subsidiary. Later, in December 2020, Tencent purchased the holding company for a remarkable $1.5 billion, which included Splash Damage and other game studios. Radius Maxima was then rebranded as Splash Damage Group in February 2021.
Five years on, Tencent has divested Splash Damage to private equity investors in a deal that remains confidential. Recently, Tencent has been trimming down its non-essential assets to make its operations more focused.
Recent Developments
Previously, Splash Damage was engaged in developing a free-to-play action game named Transformers: Reactivate. However, the project was scrapped in early 2025, leading to layoffs within the studio.
There are rumors suggesting that Hasbro’s decisions may have influenced the cancellation of the project, which could also relate to Tencent’s decision to part ways with Splash Damage. Nonetheless, no verified connection has surfaced, and Splash Damage has kept silent about the situation.
Future Prospects
Despite these challenges, Splash Damage appears to be on solid ground moving forward. The studio is currently focused on an open-world survival shooter known as Project Astrid, which is being developed in partnership with Twitch personalities like Mike “Shroud” Grzesiek and Chris “Sacriel” Ball. This project was initially hinted at in 2023 and remains in active development.
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