Shenzhen-based Chinese Internet services giant Tencent Holdings Ltd. has reached an investment agreement with Beijing-based Internet video company Youku Tudou Inc. to acquire around 20% interest in the company for at least US$300 million, according to Chinese media reports.
Tencent’s affiliated video service v.QQ.com will merge with Youku Tudou after the deal.
Singapore investment company Temasek Holdings previously held a 21.3% stake in Youku Tudou. Last September, Temasek sold its shares through subsidiary Sennet Investments.
Earlier this month, Tencent acquired a 15% stake in Beijing-based e-commerce firm JD.com for US$214.7 million, and merged its QQ Wanggou B2C and PaiPai C2C into JD.