KongZhong To Acquire Minority Stake In Ourgame For RMB 100 Mln In Cash

(RTTNews) - KongZhong Corp. (KONG), a digital entertainment company in China, announced it has entered into definitive agreements to acquire a minority interest in Ourgame International Holdings Limited for a total consideration of RMB 100.0 million in cash or equivalent to roughly US$16.5 mn at current exchange rates.

The board of directors of the company has approved the transaction, which is set to close before the end of February 2014.

Ourgame is a provider of Internet-based casual board and card games in China. It has developed and currently operates over 300 board and card games with cross-platform support for PC and mobile.

Through this strategic investment, KONG and Ourgame will seek to pursue co-development, co-marketing and co-distribution synergies through their respective smartphone and PC game businesses.