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Prosus Conducts Accelerated Offering of Tencent Shares for $14.6 Billion
- Client News
- April 12, 2021
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.