A&O advising Sumo Group plc on its GBP919 million recommended cash acquisition by Tencent Holdings Limited
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19 July 2021
Allen & Overy is advising Sumo Group plc (“Sumo”) on the recommended all cash acquisition by Tencent Holdings Limited (“Tencent”), through its indirect wholly-owned subsidiary, Sixjoy Hong Kong Limited, of the entire issued and to be issued ordinary share capital of Sumo which members of the Tencent Group do not already own.
Under the terms of the acquisition, Sumo shareholders will be entitled to receive 513 pence in cash for each Sumo share, valuing the entire issued and to be issued share capital of Sumo at approximately GBP919 million on a fully diluted basis.
The A&O team is led by Sumo relationship partner Claire Coppel with associates Ben Brooks and Emil George and trainee Eliza Asare Parbi. Partner Philip Mansfield and senior associate David Weaver led the antitrust and foreign direct investment advice and partner Paul McCarthy led on Incentives. Corporate M&A partners Richard Browne and Seth Jones also provided support on the transaction.