Linktone acquires controlling interest in mobile gaming group Letang Game
Linktone (Nasdaq: LTON), a wireless entertainment service provider focused solely on China, has entered into a agreement to acquire a controlling interest in Letang Game, Chinese company specializing in the development of mobile games and PC online games.
Linktone will pay up to US$9.15 million in cash to acquire a
50.01% stake in Letang Game. Linktone is paying US$2.56 million upon
closing the transaction, with the remainder paid out over 2010 and 2011
if Letang Game hits certain financial targets.
"The acquisition of a controlling interest in Letang is a
significant achievement for Linktone in accelerating our presence in
the fast-growing game market -- one of our top strategic priorities.
With more than 80 professionals, Letang offers a comprehensive
portfolio of high quality branded games that can be played on the major
global mobile phone operating systems and platforms including Flash,
Symbian, KJava, MTK, Android, BlackBerry and iPhone,” Chief Executive
Officer of Linktone, Hary Tanoesoedibjo, commented, “The management
team of Letang brings deep expertise in Chinese game market experience,
especially in mobile games; they are one of the pioneers in mobile game
development in China. With this combination of Letang's strong R&D
expertise and Linktone's broad distribution capabilities, we believe
that this acquisition will better position Linktone to continue our
efforts to leverage growth opportunities in both domestic and overseas
markets with the goal of sustainable long-term growth and profitability
to shareholders."
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