China Ruyi Holdings' (HKG:0136) two subsidiaries agreed to acquire a 30% stake in Beijing Yonghang Technology from four subsidiaries of Tencent Holdings (HKG:0700), a substantial shareholder of the company, for 825 million yuan.
For the consideration amount, 742.5 million yuan will be paid in cash while the rest will be settled through issuance and allotment of 36.7 million consideration shares at HK$2.43 apiece by the company to one of the vendors, Tencent Mobility, or its designated party, a Monday Hong Kong bourse filing said.
The purchasers include Beijing Ruyi Jingxiu Network Technology and Virtual Cinema Entertainment.
The vendors include Tencent Digital (Shenzhen), Tencent Mobility, Guangxi Tencent Venture Capital, and Tibet Yonghang Enterprise Management Partnership.
The target company created and owns QQ Dance, QQ Dance 2, QQ Dance Mobile and other games. Upon the completion, the target company will become an associate of the company.
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