26 March, 2018
Paul, Weiss represented Naspers, a South African media group, on its disposal and placing of approximately 2% of the issued share capital of Tencent, which raised gross proceeds of approximately US$9.8 billion.
The placing was announced on March 23, 2018 and was conducted by way of an accelerated book building process. The placing is expected to complete on March 27, 2018 and, according to Bloomberg, is the largest ever secondary share sale in the Hong Kong market to date.
Bank of America Merrill Lynch, Citigroup and Morgan Stanley acted as joint global-coordinators and joint book-runners in connection with the placing. Tencent is involved in the provision of internet value added services and online advertising in China, and its shares are listed on the Main Board of the Hong Kong Stock Exchange.
The Paul, Weiss team included corporate partners Jeanette Chan and Mark Bergman, counsels Corinna Yu and John Satory, and associate William Ho.
