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Tencent to buy 14.6% stake in Glu Mobile - report

2015-04-30 09:49:00| Telecompaper Headlines

(Telecompaper) Chinese internet and mobile services firm Tencent agreed to buy 14.6 percent of mobile game developer Glu Mobile for USD 126 million to expand in the US gaming market, according to Reuters. Tencent owns 'League of Legends' developer Riot Games and has a stake in Activision Blizzard, the owner of the 'Call of duty' franchise. Tencent will pay USD 6 per share for its stake in Glu Mobile. The shares will be purchased in two tranches, one of 12.5 million shares on 29 April followed by another one of 8.5 million some time in the second quarter. Glu Mobile's board were provided with a fairness opinion from Cowen and Co in connection with the deal. 

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