Hurray (HRAY) has announced the signing of agreements to acquire 100% of the equity interest in Shanghai Magma Digital Technology Company, a developer and publisher of wireless Java games in China.
Founded in October 2001, Magma has built up an experienced wireless game development team, which has published approximately 200 original in-house games including its signature series, "YY Cat" and "PP Pig," and other popular games, such as "Han Dynasty" and "108 Heroes."
Hurray will initially pay a total of US$4.1 million in cash for the 100% equity interest of Magma. The total consideration is subject to adjustments based on the financial performance of Magma's business in certain periods following the closing of the acquisition.
Hurray expects to close the transaction before January 31, 2006, subject to required China regulatory approvals and other customary closing conditions.