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Tencent buys into online game operator Level Up

Jan. 20, 2012 (China Knowledge) - Tencent Holdings Ltd<0700>, a leading provider of Internet, mobile and telecom value-added services in China, has signed an agreement to acquire a 49% stake in Level Up, an online game operator, at a consideration of US$26.95 million or around HK$209.7 million.

Pursuant to the agreement, Hong Kong-listed Tencent has options to spend US$9.9 million to increase its shareholdings in Level Up to 67%

Established in Singapore, Level Up is wholly-owned by Naspers, one of Tencent's major shareholders and principally operates online game business in Brazil and Philippines with operating experiences of nine years.

Level Up reaped US$3.77 million in net profit in 2010, and the firm's net asset was HK$148 million as of Nov. 30, 2011, sources reported.

Tencent, which has yet released it fiscal result for 2011, earned RMB 2.45 billion in net profit in the third quarter of last year, up 12.8% from 2010, and the firm's total revenue surged 43.4% year on year to RMB 7.5 billion in the corresponding quarter.

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