Sixjoy Hong Kong £919 million offer for Sumo Group
Davis Polk is advising Tencent Holdings Limited in connection with the £919 million recommended cash offer by its indirect subsidiary Sixjoy Hong Kong Limited to acquire the entire share capital of Sumo Group plc. Sixjoy has received irrevocable undertakings in favor of the offer from shareholders holding in aggregate approximately 2% of Sumo Group’s issued share capital. Together with Tencent’s existing holding of Sumo Group shares, Sixjoy has support for the acquisition in respect of Sumo Group shares representing approximately 33.4% of the Sumo Group shares. Sumo Group shareholders will receive £5.13 in cash for each Sumo Group share. The cash consideration payable by Sixjoy pursuant to the acquisition will be funded from existing cash resources of the Tencent Group. It is intended that the acquisition will be implemented by way of a court-approved scheme of arrangement under the United Kingdom’s Companies Act and is subject to the satisfaction or waiver of regulatory approvals and other customary terms and conditions.
Tencent is one of the leading global platforms for video game development, publishing and operations, dedicated to offering high-quality interactive entertainment experiences for game players across the globe. Tencent invests heavily in talent and technological innovation, actively participating in the development of the Internet industry. Sixjoy is a wholly owned subsidiary of Tencent and undertakes Tencent’s games publishing businesses and also operates as a holding company of a number of Tencent’s operating businesses.
The Davis Polk corporate team includes partners Simon Witty and Miranda So, counsel Simon J. Little and associate Joseph Scrace. Counsel Nicholas Spearing and Matthew Yeowart are providing antitrust and competition advice. Partner John B. Reynolds III and counsel Joseph Kniaz are providing CFIUS advice. Counsel Aaron Ferner and associate Joshua Bunn are providing finance advice. Members of the Davis Polk team are based in the London, Hong Kong and Washington DC offices.