China's competition watchdog conditionally approved Tencent Music Entertainment's (HKG:1698) bid to acquire Ximalaya, an online audio platform, according to media reports Tuesday.
Tencent and Ximalaya are required to meet certain commitments. Under the regulatory notice, the combined entity was prohibited from raising prices for online audio streaming services according to the State Administration for Market Regulation.
Tencent Music agreed last year to acquire Ximalaya for $1.26 billion in cash and an issuance of stock.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments