Tencent Music to acquire Ximalaya in $2.4B deal - Breaking The News

Tencent Music to acquire Ximalaya in $2.4B deal

10 June

1 min read

TENCENT MUSIC ENTERTAINMENT

Tencent Music Entertainment Group (TME) announced on Tuesday that it is buying Chinese online audio platform Ximalaya Inc. in a $2.4 billion deal, including up to 5.2% of outstanding class A stock and $1.3 billion in cash. In addition, Ximalaya's founder shareholders will receive class A shares of up to 0.37% of the outstanding stock.

After the transaction is completed, Ximalaya will become a wholly owned subsidiary of TME. Following the announcement, TME jumped 5.35% in premarket trade.

mergers and acquisitions tencent music

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