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Tencent Acquires 12% Of Snap Inc

Date Type Companies involved Size
November 8th, 2017 acquisition Snap Inc.
Tencent
Not disclosed
Tencent Acquires 12% Of Snap Inc

Chinese games powerhouse Tencent has acquired a 12% stake in Snapchat owner, Snap Inc, including its AR Spectacles division.

A regulatory filing shows that Tencent bought 145.8 million shares of non-voting Class A common stock in the technology and social media company.

Tencent was already a backer of Snap having previously invested during venture capital fundraising rounds.

“We have long been inspired by the creativity and entrepreneurial spirit of Tencent and we are grateful to continue our longstanding and productive relationship that began over four years ago,” read a statement in the filing.

“For its part, Martin Lau, Tencent's President, informed us that Tencent is excited to deepen its shareholding relationship with us, and that it looks forward to sharing ideas and experiences.”

The news comes after Snap reported lower than expected revenues of $181.7 million and 173 million daily active users.

 

This story was originally published on our sister site, PocketGamer.biz.


Head of Content

Craig Chapple is the head of content at PocketGamer.biz, leading the team's editorial direction and developing the conference agenda for our Pocket Gamer Connects conferences around the world. He has previously served as Senior Editor at PocketGamer.biz, as well as holding roles at Sensor Tower, Nintendo and Develop.