Tencent buys 5% stake in Australian buy-now-pay-later firm Afterpay

(Reuters) – Chinese gaming and social media group Tencent Holdings has bought a 5% stake in Afterpay Ltd, the Australian buy-now-pay-later firm said on Friday.

Tencent’s shareholding in the Australian firm was worth about A$390 million ($251.55 million), based on Afterpay shares’ closing level on Friday.

The stake was built from the end of March through April, a filing to the Australian Securities Exchange showed.

(This story has been corrected to rectify stake valuation in paragraph 2 to A$390 million not A$418.5 million)

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