We advised Tencent on the transaction

Davis Polk advised Tencent in connection with its completed investment in Global Blue Group Holding AG. Tencent invested $100 million in Global Blue common equity at a price of $5.50 per share. Following the transaction, Tencent now owns 18.18 million common shares, representing approximately 8% of the total fully diluted share capital. The common shares acquired by Tencent consist of (i) 50% secondary common shares sold by affiliates of Silver Lake and Partners Group and certain members of the board and management and (ii) 50% primary common shares issued by Global Blue.

Tencent is an integrated internet company that provides value-added internet services, including communications and social, entertainment, content, online advertising, fintech and cloud services.

Global Blue Group Holding AG is a leading strategic technology and payments partner. It offers innovative solutions in three different fields, including tax-free shopping, payments services and complementary retailtech. It also offers strategic advisory services to help retailers identify opportunities for growth, while its shopper experience and engagement solutions provide data-driven solutions to increase footfall, convert footfall to revenue and enhance performance.

The Davis Polk corporate team included partner Miranda So, counsel – registered foreign lawyer Xi Shi and registered foreign lawyer Lucy Cai. Partner James C. Lin provided capital markets advice. Special adviser Frances Dethmers and counsel Mary K. Marks provided antitrust advice. Partner Paul D. Marquardt provided regulatory advice. Members of the Davis Polk team are based in the Hong Kong, Brussels, Washington DC and New York offices.