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(Yicai Global) July 6 -- A wholly-owned subsidiary of media firm Zhejiang Daily Digital Culture Group Co. [SHA:600633] (ZDDC) will spend USD147 million (CNY1 billion) to acquire a Shenzhen-based game company to help improve ZDDC's competitiveness in the digital entertainment sector.
ZDDC said yesterday that its affiliate, Hangzhou Bianfeng Network Technology Co., plans to pay CNY1 billion in cash for a 100-percent stake in Shenzhen Tiantianai Technology Co. The relevant parties signed an acquisition agreement yesterday.
The target company has rolled out more than 20 mobile chess games with local features and boasts first-mover advantages in the segment, ZDDC said.
ZDDC said that through the acquisition it will improve its market position by consolidating Hangzhou Bianfeng's and Shenzhen Tiantianai's quality resources.