Spotify and Tencent have agreed to swap stakes in their respective music streaming businesses, as the Chinese tech giant makes yet another overseas investment.

The deal sees Spotify acquire shares in Tencent’s Music Entertainment (TME) Group subsidiary, while both TME and Tencent pick up minority stakes in Spotify. Tencent will invest through secondary purchases, though the financial terms of the investment weren’t disclosed.

“Spotify and Tencent Music Entertainment see significant opportunities in the global music streaming market for all our users, artists, music and business partners,” said Daniel Ek, CEO and founder of Spotify. “This transaction will allow both companies to benefit from the global growth of music streaming.”

Cussion Pang, CEO of TME, added: “We are excited to embark on this partnership with the largest music streaming platform in the world. TME and Spotify will work together to explore collaboration opportunities, with a common objective to foster a vibrant music ecosystem that benefits users, artists and content owners.”