Tencent and China Unicom Tie Up in New Joint Venture

Chinese social media giant Tencent Holdings Ltd. and state telecom operator China Unicom were cleared by the country’s antitrust regulator to set up a joint venture to develop data and cloud-related businesses.

The State Administration for Market Regulation granted “unconditional approval” Tuesday for the deal. A Tencent unit will hold 42% of the new venture with a China Unicom subsidiary holding 48%. Employees will own the remaining 10%.