skip to main content

Our lawyers provide innovative and practical counsel on a wide variety of capital raising and securities law compliance matters. We represent clients ranging from emerging private companies to established public companies. With each, we build long-term relationships, generating efficiencies and helping them realize their business goals.

Prosus Conducts Accelerated Offering of Tencent Shares for $14.6 Billion

Paul, Weiss advised Prosus N.V. in its disposal and placing of approximately 2% of the issued shares of Tencent Holdings Limited, a Chinese technology conglomerate listed on the Hong Kong Stock Exchange. The offering, announced on April 8 and expected to be completed on April 12, reduces Prosus’ stake in Tencent from approximately 30.9% to 28.9%, yielding gross proceeds of $14.6 billion (HK$114.1 billion). According to Bloomberg, this is the second-largest block trade globally on record. Prosus intends to use the proceeds of the sale to increase its financial flexibility to invest in growth, plus for general corporate purposes. Citigroup, Goldman Sachs and Morgan Stanley were the joint global coordinators and joint bookrunners.

Prosus holds the global internet assets of Naspers Limited, the majority owner of Prosus, and is one of the largest technology investors in the world.

The Paul, Weiss team included, among others, corporate partners Greg Liu and Mark Bergman.

© 2022 Paul, Weiss, Rifkind, Wharton & Garrison LLP

Privacy Policy