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Business deals

Tencent to invest $264m in Japanese publisher Kadokawa

Chinese internet conglomerate to become third-largest shareholder

China's Tencent is buying a stake of nearly 7% in Japanese publishing company Kadokawa. (Source photos by Kosaku Mimura and screenshot from Kadokawa's website) 

TOKYO -- Chinese internet conglomerate Tencent Holdings will acquire a 6.86% stake in Japanese publishing company Kadokawa for 30 billion yen ($264 million), Kadokawa announced on Friday.

Kadokawa said in a stock exchange filing that a Hong Kong-based Tencent subsidiary called Sixjoy will buy 4.86 million shares for 6,170 yen per share, a 2.3% premium to its closing price on Friday. The transaction will take place between Nov. 15 and 26. 

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