FILE PHOTO: People visit Tencent’s booth at the World 5G Exhibition in Beijing, China, Nov. 22, 2019. REUTERS/Jason Lee/File Photo
(Reuters) – Chinese gaming and social media group Tencent Holdings has bought a 5% stake in Afterpay Ltd, the Australian buy-now-pay-later firm said on Friday.
Tencent’s shareholding in the Australian firm was worth A$418.5 million ($270.1 million), based on Afterpay shares’ closing level on Friday.
The stake was built from the end of March through April, a filing to the Australian Securities Exchange showed.
Reporting By Rushil Dutta in Bengaluru; editing by David Evans
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