China's Ganji.com Will Acquire 263.comJanuary 8, 2010 | Print | Comments | Category: Business, Internet
According to reports in local media, Chinese lifestyle information website Ganji.com is planning to acquire its counterpart 263.com for over CNY10 million.
A representative from Ganji.com has confirmed the news and said the two parties have reached an agreement and the deal will be published soon.
The representative revealed that the two companies have been talking about the cooperation for a long time. At present, the performance of 263.com is unsatisfactory and Ganji.com is considering business expansion. On the completion of the acquisition, the two websites will implement service integration.
Founded in February 2005, Ganji.com is now a leading lifestyle information platform in China and it has opened branches in 343 cities across the country.
263.com is a subsidiary of the Chinese Internet company 263 Network Communication Co. Ltd. Entering the Internet sector in 1999, 263 Network Communication announced plans to demerge eight services formerly belonged to 263.com in 2006. After that, 263.com shifted to a lifestyle information website.
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