Chinas Tencent to buy 10% stake in Russian Internet investment firm DST
China's Tencent Holdings Ltd. said it will pay 300 million U.S. dollars for a 10.26 percent stake in Digital Sky Technologies Ltd. (DST), a Russian Internet investment firm and an investor in Facebook.
Tencent, based in south China's Shenzhen City, popular for its instant messaging services, QQ, and online game platforms, QQ Game, said in a Hong Kong stock exchange filing late Monday the transaction would allow the companies to form "a long-term strategic partnership."
But the type of shares Tencent bought will give the company only 0.51 percent of Digital Sky's total voting power, according to the statement.
Digital Sky, an investor in leading Russian Web portals, purchased 200 million U.S. dollars of Facebook preferred stock, representing a 1.96 percent equity stake in the US firm, in May 2009.