KongZhong Acquires Mobile Games Developer Simlife International
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China’s mobile content giant KongZhong is acquiring Simlife International, a leading Chinese mobile game developer, the company said in a statement today. KongZong has agreed to pay $3 million in cash to the shareholders of Simlife. An additional payment of $1.25 million in cash and 6 million of the company’s ordinary shares will be paid to “certain shareholders of Simlife” based on the mobile game developer’s performance in the 12 months following the close of the acquisition.
SEE ALSO: Chinese Mobile Content Giant KongZhong Predicts Mobile Games To Drive Revenues
Seven-year old Simlife, which is based in Xiamen, China, has a portfolio of over 200 mobile games and will become a subsidiary of KongZhong’s when the deal has closed. According to KongZhong, IDGVC owns approximately 6.7 percent of Simlife’s outstanding ordinary shares, and approximately 30 percent of its issued share capital. Earlier this month, KongZhong said it expected mobile games could generate as much as 25 percent to 30 percent of its gross revenues in 2009.
Posted In: Entertainment, Games, Mobile, Money, M&A & Venture Capital, Mergers & Acquisitions, Countries, Asia, China
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