CDC Corporation (Nasdaq: CHINA) announced it signed an agreement to acquire Gametea.com, an online casual games platform in China, through its 81%-owned subsidiary, China.com Inc.
Gametea currently offers its 10 million registered users over 80 online board and poker games. It has an active user base of over 1 million and its game portal reaches a concurrent user base of close to 90,000 during recent peak periods.
According to the terms of the transaction which is subject to a final agreement with customary closing conditions, China.com will acquire all assets, intellectual properties, and operating contracts in Gametea and the consideration will be payable in multiple installments in accordance with pre-determined performance milestones.
Gametea has users from 28 cities across China and is particularly strong in the Zhejiang province in China. Some of its poker and chess games are ranked in the top tier of Chinese online games in its respective genre.