Linen Investment Limited acquired 7.53% stake in HUYA Inc. (NYSE:HUYA) from JOYY Inc. (NasdaqGS:YY) for approximately $270 million on April 3, 2020. Linen Investment exercised its option to acquire 16.5 million Class B ordinary shares of Huya. As a result of the closing of the transaction, Tencent became the largest shareholder of Huya, increasing its voting power in Huya to 50.1% on a fully-diluted basis, or 50.9% calculated based on the total issued and outstanding shares of Huya, and will consolidate financial statements of Huya. Huya continues to operate independently and remains headquartered in Guangzhou, and its existing management team continues to be responsible for all aspects of business management and operations of the Company. Huya remains listed on the New York Stock Exchange. Concurrently with the closing of the Transaction and with immediate effect, Lingdong Huang was appointed as a director and the Chairman of the Board of Directors of Huya, and Zhi Cheng, Hai Tao Pu and Guang Xu were each appointed as a Director of Huya. Z. Julie Gao of Skadden, Arps, Slate, Meagher & Flom acted as legal advisor to JOYY Inc.
Linen Investment Limited completed the acquisition of 7.53% stake in HUYA Inc. (NYSE:HUYA) from JOYY Inc. (NasdaqGS:YY) on April 3, 2020.