Thai entertainment platform GMM Music said TENCENT and TME would buy a 10% stake in the company for US$70 million, valuing the company at US$700 million. TENCENT and TME will pay in cash and a minority interest in music streaming app JOOX Thailand.
GMM Music was listed on the Stock Exchange of Thailand in July last year as a spin-off of parent GMM Grammy's music business. 
$TENCENT (00700.HK)$ $Tencent (TCEHY.US)$ $Tencent Music (TME.US)$ $TME-SW (01698.HK)$