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KongZhong Acquires Wireless Value Added Service Provider

KongZhong (KONG) has told local media that the company has entered into a definitive agreement to acquire a wireless value added service provider for a purchase price of CNY13.84 million.

Though KongZhong has not publicly stated which company it plans to purchase, the deal is expected to close in February, and so investors should soon know more information.

KongZhong's Chairman and CEO, Yunfan Zhou, said, "This acquisition should have the benefit of helping us strengthen our leadership position in WAP. In the long run, we believe this acquisition may also help us diversify our revenue base."

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