Tencent seals deal to tap into Russia
By Ding Yining |
April 14, 2010, Wednesday
|
Print Edition
Print Edition
TENCENT, operator of China's most popular instant messaging service, has sealed a deal to gain a minority stake in a leading Russian Internet company in an effort to seek expanding opportunities in other emerging markets.
Under the agreement, Shenzhen-based Tencent Holdings will pay US$300 million for a 10.3 percent stake in Digital Sky Technologies Ltd, the companies said.
"The investment will allow us to benefit from the fast-growing Internet market in Russia and allow DTS to leverage our technical and operational experience to strengthen their leadership position," said Martin Lau, president of Tencent.
Tencent will also have 0.51 percent of total voting power at DST as well as one observer on the DST board on the completion of the deal.
Both parties will also share insights and experience through their long-term strategic partnership.
DST also holds a stake in Facebook, the social networking site, and Zynga, an online gaming site.
Under the agreement, Shenzhen-based Tencent Holdings will pay US$300 million for a 10.3 percent stake in Digital Sky Technologies Ltd, the companies said.
"The investment will allow us to benefit from the fast-growing Internet market in Russia and allow DTS to leverage our technical and operational experience to strengthen their leadership position," said Martin Lau, president of Tencent.
Tencent will also have 0.51 percent of total voting power at DST as well as one observer on the DST board on the completion of the deal.
Both parties will also share insights and experience through their long-term strategic partnership.
DST also holds a stake in Facebook, the social networking site, and Zynga, an online gaming site.
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