Fenwick & West Represents Glu Mobile in Strategic Relationship with Tencent

May 04, 2015


Fenwick & West represented Glu Mobile Inc. (NASDAQ:GLUU), a developer and publisher of free-to-play games for smartphone and tablet devices, in its recently announced strategic relationship with Tencent Holdings Limited (Tencent, SEHK:00700), a leading provider of comprehensive Internet services in China. Tencent agreed to purchase 21 million shares of Glu’s common stock at a price of $6.00 per share for total consideration of $126 million.

The transaction will be completed in two tranches, with Tencent initially purchasing 12.5 million shares, and committing to purchase the remaining 8.5 million shares upon the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. Subject to the foregoing, the parties expect the second tranche to be completed in Q2-2015. Tencent will own approximately 14.6% of the total shares on a fully-diluted and as converted basis immediately after completion of the investment. More information about Glu Mobile’s strategic relationship with Tencent can be obtained from the company press release.

The Fenwick transaction team included corporate attorneys Dave Bell, Jane Shen, Melissa Frayer and Margaret Ding.​​​