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Tencent Values DST at $3 Billion; Invests $300 Million

Files under: News
Posted by: Quintura @ 14:12 [12. 04. 10]

The leading Chinese instant messaging platform QQ-owner Tencent has invested $300 million in exchange for a 10.26 percent economic interest in Russia’s major Internet investment firm Digital Sky Technologies (DST), the company announced on April 12. The investment values DST at almost $3 billion. Tencent and DST share the same investor Naspers/MIH Group, which owns 35% of Tencent and 39% of DST-majority owned Mail.ru.

Tencent and DST entered in a strategic partnership and cooperation to benefit from each other’s insights gained from their respective markets of China and Russia. Founded in 2005, DST owns majority of Russia’s leading online portal Mail.ru as well as major stakes in leading Russian website social networks Odnoklassniki.ru and Vkontakte. In 2009, DST invested in Facebook and social games company Zynga.

The $3 billion valuation of DST shall help increase valuation of Russia’s leading search engine Yandex that could resume IPO plans this year.

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