China's Tencent has acquired a significant stake in Snap, the owner of the app Snapchat. In its quarterly filing with the SEC, Snap said Tencent bought 145.8 million non-voting shares through open market purchases. This is equal to over 10 percent of Snap's outstanding shares.
While naming Tencent a competitor in its report, Snap said it's had a relationship with the company already over four years, and has "long been inspired by the creativity and entrepreneurial spirit of Tencent". Tencent's president Martin Lau told the company that "Tencent is excited to deepen its shareholding relationship with us, and that it looks forward to sharing ideas and experiences", Snap said.
