Davis Polk advised the placing agents in connection with the sale of 189,978,300 shares of Tencent Holdings Limited by a subsidiary of Naspers Limited for a total consideration of approximately $9.8 billion.
Tencent is an investment holding company involved in the provision of social media products Weixin and QQ, online advertising services and infrastructure services including payment, security, cloud and artificial intelligence. Tencent’s shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited.
Based in Cape Town, South Africa, Naspers is a global Internet and entertainment group and one of the largest technology investors in the world.
The Davis Polk corporate team included partners Reuven B. Young and Paul Chow, counsel Terrence R. O’Donnell and associate Kai Sun. Members of the Davis Polk team are based in the Hong Kong and London offices.