Splash Damage, the London-based studio best known for its work on Gears Tactics and Brink, has officially parted ways with Tencent. The news marks the end of a four-year stretch under the Chinese tech giant’s umbrella and the beginning of a new era under private equity ownership.

The deal quietly closed earlier this month. While financial details were not disclosed, Splash Damage confirmed that its leadership team remains unchanged. In a short statement, the company noted it would not be offering further comment for the time being, a decision that has left fans and analysts speculating about what comes next.

For context, Splash Damage has been through several ownership shifts over the past decade. The studio was first acquired by Hong Kong-based Leyou Technologies in 2016. Four years later, Tencent purchased Leyou, folding Splash Damage into its massive portfolio. That period coincided with the release of Gears Tactics in 2020, along with smaller projects such as the Stadia-exclusive Outcasters.

The last couple of years have been turbulent. Splash Damage announced Transformers: Reactivate in 2022, only to cancel the project in early 2025 amid layoffs. That cancellation raised questions about the studio’s direction, and whether Tencent saw enough long-term value in continuing to support it.

Now, with new investors at the helm, the studio has a chance to redefine itself. Independence often brings both freedom and risk. Without Tencent’s deep financial backing, Splash Damage will need to secure publishing partners and manage budgets carefully. At the same time, the creative leash could be much longer, opening the door to original ideas that might not have fit within Tencent’s strategy.

Whether this independence leads to a bold new IP or another high-profile collaboration, Splash Damage will now be watched closely—not as just another name in Tencent’s crowded roster, but as a studio once again standing on its own.