Tencent Invests USD 300 Mln in Digital Sky Technologies
PRNewswire-Asia, 4/12/10
Chinese internet company Tencent (0700.HK) has announced that it will invest approximately USD 300 mln in Russian Internet firm Digital Sky Technology (DST), thereby establishing a long-term strategic partnership between the two companies.
The aggregate investment will be paid in cash, giving Tencent approximately a 10.26% economic interest in DST upon completion of the transaction. Tencent will hold approximately 0.51% of the total voting power of DST and the right to nominate one observer to the DST board.
DST was founded in 2005 and is one of the largest Internet companies in the Russian-speaking and Eastern European markets and one of the leading investment groups globally to exclusively focus on internet related companies. DST, together with its affiliate DST Global, also hold stakes in companies such as Facebook and Zynga. DST is a privately held company backed by Russian and Western financial institutions.
Keywords: Digital Sky Technology M&A Internet Tencent 0700.HK overseas
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