Tencent Music Entertainment Group entered into an agreement to acquire Ximalaya Inc. for $1.3 billion.

Published: 2025-06-10 08:21:21 ET TME

Published on 06/10/2025 at 08:21

Tencent Music Entertainment Group (NYSE:TME) entered into an agreement to acquire Ximalaya Inc. for $1.3 billion on June 10, 2025. At the closing of the Transaction and among other steps, the equity securities of Ximalaya held by relevant shareholders and participants of Ximalaya?s employee stock ownership plans shall be cancelled in exchange for the right to receive, without interests and subject to certain conditions and adjustments, a combination of cash in an aggregate amount of $1.3 billion, stock in the form of Class A ordinary shares to be issued by the Company in an aggregate number not exceeding 5.1986% of the total ordinary shares of the Company issued and outstanding as of a business day that is no later than five business days prior to the closing of the Transaction and a number of such Class A ordinary shares not exceeding 0.37% of the Total Share Count to be issued to the founder shareholders at and after the closing in tranches subject to the terms of the Merger Agreement. The closing of the Transaction is subject to relevant regulatory approvals and certain other closing conditions.