Rumor: Tencent Bids to Acquire Friendster

Sina Tech, 12/04/09

Industry sources have reported that Chinese internet portal operator Tencent (0700.HK) may be the company set to acquire U.S.-based SNS website Friendster at the end of the month for at least USD 100 mln. Richard Kimber, CEO of Friendster, said that the majority of short-listed bidders were based in Asia, and Morgan Stanley has already been retained to manage the deal.

Friendster was launched in 2002, before rivals Facebook and MySpace. The site averages over 100,000 new users and 500 mln pageviews each day. Over half of registered users are in the Asia region. Friendster employs a staff of 105, with offices in Australia, the United States, the Philippines and Singapore.

Editor's Note: In an interview with Sina Tech, Tencent's investor relations department said only that the company cannot comment on market rumors, while the PR department said it had no information on the matter.

Keywords: Richard Kimber Internet Tencent Facebook SNS Morgan Stanley registered users 0700.HK M&A

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