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Tencent to acquire 50% stake in MIH India (Ibibo) for $7.5 million

MIH India (Ibibo.com) has entered into an agreement to divest about 50 per cent stake to China-based Tencent Holdings. Tencent, in turn, will invest at least $7.5 million in MIH India over a period of three years, reports Media Junkie.

MIH India (Ibibo.com) has entered into an agreement to divest about 50 per cent stake to China-based Tencent Holdings. Tencent, in turn, will invest at least $7.5 million in MIH India over a period of three years, reports Media Junkie.

Indirectly, the deal with MIH India will also give Tencent a stake in mobile value added services company ACL Wireless, in which MIH India has a 30 per cent stake.

According to Tencent, the deal is part of a long term strategy to take strategic stakes in companies in Asia. Tencent believes that India as a market is similar to China.

Tencent claims its QQ instant messaging and portal has more than 80 per cent market share in China. South Africa-based Naspers, the parent company of MIH India, owns a 35.5 per cent stake in Tencent.

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