Tencent Music completes acquisition of audio platform Ximalaya

Tencent Music Entertainment Group (NYSE:TME) has completed its acquisition of Ximalaya, consolidating its position within China's online music and long-form audio sectors.

The transaction finalizes a merger agreement originally entered into on June 10, 2025.

Following the closing of the deal, Ximalaya operates as a wholly owned subsidiary of Tencent Music.

Under the terms of the transaction, outstanding equity securities held by Ximalaya shareholders and participants in its employee stock ownership plans were cancelled.

In exchange, the total merger consideration consists of up to US$1.26 billion in cash and up to 175,288,891 Class A ordinary shares of Tencent Music, subject to applicable adjustments.

The share component includes newly issued shares at closing as well as those underlying equity-based awards granted by the company.

The closing solidifies Tencent Music's expansion into broader audio streaming, podcasting, and digital audiobooks.