China's Tencent buys 12 percent stake in Snapchat owner

China's Tencent buys 12 percent stake in Snapchat owner

(Reuters) – China’s Tencent Holdings Ltd has bought a 12 percent stake in Snapchat parent Snap Inc, a regulatory filing showed on Wednesday.

FILE PHOTO: A sign of Tencent is seen during the third annual World Internet Conference in Wuzhen town of Jiaxing, Zhejiang province, China November 16, 2016. REUTERS/Aly Song/File Photo

Snap said Tencent acquired 145.8 million shares of its non-voting Class A common stock through open market purchases this month. bit.ly/2zqvybE

Snap had about 1.2 billion shares outstanding.

Reporting by Arjun Panchadar in Bengaluru; Editing by Sai Sachin Ravikumar

Our Standards:The Thomson Reuters Trust Principles.

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