Video game developer Ubisoft will invest CAN$500 million to open a development studio in Toronto, Ontario, its first in the province and fourth in Canada. In a company statement, Ubisoft says it will create 800 new jobs with the project. "We are incredibly excited to finally tap into the remarkable talent Ontario has been developing over the years," says Yannis Mallat, CEO of Ubisoft's Montreal operation, who will also over see the Toronto studio. "Toronto's unique pool of experienced video game industry and film industry talent will allow us to develop a team with exceptional ability to help us realize our goals for creating brands with universal appeal that extend beyond the world of video games." The provincial government will provide the France-headquartered company approximately $263 million in financial assistance over the next 10 years. "We were determined to land a video game publisher-developer of Ubisoft's nature," says Ontario Premier Dalton McGuinty, quoted by the Toronto Star; the Star says Ubisoft will become the province's first major video game developer. The company says it plans to begin operations in Toronto studio later this year.