August 30, 2010

Tencent Holdings To Acquire 49.92% of Mweb Holdings

Announced on August 27, Tencent Holdings, one of the leading Internet companies in China, has agreed to acquire 2,496 shares of Mweb Holdings Limited (Sanook), a portfolio company of Paul, Weiss client MIH Asia Limited. The acquisition represents 49.92% of Sanook's outstanding share capital, and provides for Tencent Holdings to assume from the vendor a 50-percent interest in a shareholder loan. The Paul, Weiss team advising MIH Asia Limited includes corporate partner Jeanette Chan, counsel Hans-Günther Herrmann, associate Eliza Au Yeung, staff attorney May Chan and paralegal Jackie Chung.