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Tencent Acquires 49% Stake in Brazilian, SE Asian Gaming Firm 'Level Up'

Hong Kong Exchange, 1/19/12

Tencent (0700.HK) has announced that its wholly owned subsidiary Aceville Pte Ltd has entered into an agreement to purchase 320,722 shares or 49% of the total issued shares of Singaporean investment holding company Level Up! International Holdings Pte Ltd, which, through its operating subsidiaries and affiliates in Brazil and the Philippines and through its joint venture in the U.S., engages in online game publishing and game magazine publication. Under the agreement, Tencent will also have the option to acquire additional shares, bringing its total stake as high as 67% of Level Up's total issued shares.

Aceville will acquire the shares from MIH LatAm Holdings B.V., which currently holds 100% of Level Up's total issued shares. MIH LatAm Holdings is a subsidiary of Naspers Limited. Naspers Limited is also the holding company of MIH China, a controlling shareholder of Tencent. As such, the transaction constitutes a connected transaction under the rules and regulations of the Hong Kong Exchange.

Keywords: online gaming Aceville MIH overseas Internet Tencent 0700.HK Naspers Level Up M&A Brazil Philippines USA

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