Tencent Holdings Up 3% On Getting Approval For Sogou Deal

Shares of Chinese technology conglomerate company Tencent Holdings Ltd. (TCEHY) are up 3 percent on Tuesday's trading on news of the country's anti-trust regulator giving approval for the company's plans to privatize search-engine affiliate Sogou Inc (SOGO).

China's top market watchdog, the State Administration of Market Regulation or SAMR, had approved the $3.5 billion deal under which Tencent will purchase 60 percent of Sogou, that it didn't previously own. Sogou is China's third-largest search engine company.

Currently trading at $70.80, the stock has traded between $64.11 and $99.40 during the past 52 weeks.

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