Davis Polk Advises Tencent and Tencent Music Entertainment in Connection with Transactions with Spotify
Davis Polk advised Tencent and Tencent Music Entertainment in connection with their equity investments with Spotify. TME and Spotify will acquire new shares representing minority equity stakes in each other for cash. In addition, Tencent will invest in Spotify through secondary purchases. Following these transactions, Spotify will hold a minority stake in TME, and both Tencent and TME will hold minority stakes in Spotify.