News

Tencent snaps up 12% stake in Snapchat owner

Date Type Companies involved Size
November 8th, 2017 acquisition Snap Inc.
Tencent
Not disclosed
Tencent snaps up 12% stake in Snapchat owner

Chinese games powerhouse Tencent has acquired a 12% stake in Snapchat owner Snap Inc.

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.

Snapped up

“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.


Senior Editor

Craig Chapple is Senior Editor of PocketGamer.biz. He was previously Deputy Editor at Develop and Online Editor at Nintendo of Europe.

Comments

No comments
View options
  • Order by latest to oldest
  • Order by oldest to latest
  • Show all replies
Important information

This site uses cookies to store information on your computer. By continuing to use our site, you consent to Steel Media's privacy policy.

Steel Media websites use two types of cookie: (1) those that enable the site to function and perform as required; and (2) analytical cookies which anonymously track visitors only while using the site. If you are not happy with this use of these cookies please review our Privacy Policy to learn how they can be disabled. By disabling cookies some features of the site will not work.