HUYA Inc. (NYSE:HUYA) entered into a binding term sheet to acquire an unknown minority stake in Turtle Entertainment GmbH from Modern Times Group Mtg AB (OM:MTG B) for $8 million on September 2, 2019. Huya will acquire $30 million worth of primary and secondary shares in ESL at a pre-money enterprise value of ESL of $425 million. As part of the transaction, ESL will issue new shares at a value of $22 million to increase capital to be used for further expansion, parts of which will be used by ESL to fund its pro rata part of the joint venture company. The transaction is subject to customary confirmatory due diligence, as well as further negotiation of, and agreement on, complete transaction documentation and signing is expected to take place during the fourth calendar quarter in 2019. Termination of the transaction will have no operational impact on Turtle Entertainment GmbH in 2020.

HUYA Inc. (NYSE:HUYA) cancelled the acquisition of an unknown minority stake in Turtle Entertainment GmbH from Modern Times Group Mtg AB (OM:MTG B) on January 21, 2020.