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Glu Mobile Acquires Chinese Mobile Games Publisher MIG
November 30, 2007 |
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| Category: Wireless
Glu Mobile (GLUU) has agreed to acquire Beijing Zhangzhong MIG Information Technology Company, one of the many mobile games companies populating China.
Under the terms of the transaction, which the parties anticipate will close in approximately three weeks, MIG's shareholders will receive approximately US$14.7 million in cash. Additional payments of up to US$25 million in cash and stock are contingent upon the achievement by MIG of certain financial milestones during 2008, with a portion of the additional payments subject to continued employment of the principal officers of MIG.
"We believe MIG is the leading developer and publisher of mobile games in China. The acquisition allows us to strengthen our presence in the region and supports our goal to be the world's leading global publisher of mobile games," said Greg Ballard, chief executive officer and president, Glu Mobile. "The combination of MIG's strong portfolio, exceptional management team and demonstrated market leadership complements our existing operation in the region and positions Glu to be the leader in this important emerging market."
As part of the acquisition, Wang Bin, chief executive officer, MIG, will join Glu as general manager focused on China and Glu will add MIG's approximately 80 employees to its worldwide team. These employees, based in MIG's Beijing and Hefei offices, will continue to develop and publish mobile games that are relevant to a local, and potentially global, audience as well as work in conjunction with Glu's existing Beijing office to further penetrate the Chinese market.
Rocky Pimentel, executive vice president and chief financial officer, Glu Mobile, added, "We expect a modest revenue contribution from this acquisition in 2008. Going forward, we anticipate that China will be an important market both for mobile games and for Glu. We are delighted to be partnering with MIG and its talented management team and employees."
In other words, it seems MIG currently has little in the way of revenue.
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