China's Tencent Holdings Ltd. is to fully acquire Norwegian game developer Funcom SE in a deal valuing the company at about 1.33 billion Norwegian kroner.

Both Funcom's management board and supervisory board recommended its shareholders accept the Chinese internet company's voluntary cash offer of about 17 kroner per share, according to a company statement. The offer period is expected to start in early February.

Tencent already owns about 29% of Funcom.

As of Jan. 21, US$1 was equivalent to 8.97 Norwegian kroner.