Skadden, Arps, Slate, Meagher & Flom has advised China’s Huya on agreement to buy live game streaming peer DouYu International. Latham & Watkins has represented Tencent, which is Huya’s biggest shareholder and also owns more than a third of DouYu.
The two companies operate China's most popular game live streaming platforms. As part of the agreement, Huya will acquire all the outstanding shares of DouYu through a stock-for-stock merger, said Reuters, which added that the merged entity would have a combined market share of more than 80 percent in China.
Tencent will integrate its game streaming business under its production company Tencent Penguin Pictures after the merger for a total consideration of $500 million.
The Skadden team was led by partners Julie Gao, Peter Huang and Haiping Li.
Partners Benjamin Su, Frank Sun, Christopher Drewry, Greg Roussel, Bradley Faris, Alex Cohen, Paul Dudek, Brian Miller, Hanno Kaiser, Héctor Armengod, Michelle Carpenter and Samuel Weiner led the Latham team.
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