Update: Ceramics Company to Buy Mobile Game Firm for RMB 740 mln

Great Wall Group, 9/12/14

Guangdong-based ceramics company Great Wall Group (300089.SZ) has announced that the company will acquire a 100% stake in mobile game developer Shenhai Software Development for RMB 740 mln. The acquisition will comprise of both cash and shares, with RMB 296 mln in cash to be paid to Shenhai, and 35.13 mln shares issued to Shenhai shareholders, valued at RMB 12.64 per share.

Shenhai has guaranteed that the company's net profit for the years 2014 through 2017 will reach RMB 42 mln, RMB 72 mln and RMB 88.4 mln, respectively. The company plans to bring 5 new games online in the second half of this year, in addition to 4 games currently in operation or in the beta-testing phase.

Editor's Note: For more background on this topic, please see "Chinese Ceramics Company to Acquire Mobile Game Developer Shenhai" MD 9/09/14 issue.

Keywords: profit wireless Shenhai Great Wall Group 300089.SZ mobile gaming M&A

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