PROSF - Tencent backer Prosus sets up $1.8B acquisition of developer community Stack Overflow

Prosus (PROSY +0.7%), one of the biggest investors in Tencent Holdings (TCEHY -0.2%), is seemingly redirecting part of its Tencent stake into online tech learning via a $1.8B deal for developer community Stack Overflow. It's one of the biggest acquisitions for Prosus, a holding of Naspers (NPSNY +0.7%). Prosus sold a small part of its stake in Tencent in April, for $14.6B, but it maintains a $200B-plus holding in the Chinese tech giant. (Naspers acquired that Tencent stake in 2001, for $34M). And Prosus already has stakes in two educational tech companies, Udemy and Codecademy, but buying Stack Overflow is its first outright acquisition in the space. It marks a bet that companies will continue flowing dollars toward tech to support remote working and learning longer after the COVID-19 pandemic.

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Tencent backer Prosus sets up $1.8B acquisition of developer community Stack Overflow