The Digital Source For China's Tech Innovation Since 2000

Search
Close

PacificNet Will Acquire Beijing iMobile

February 6, 2006
Internet

PacificNet (PACT.PK) has entered into a definitive agreement to acquire a majority interest in Beijing iMobile, one of the Internet information portal and e-commerce distributors for mobile phones and accessories and mobile related value-added service providers in China.

The acquisition is expected to close during the first quarter and to be accretive to PacificNet's earnings in 2006.

iMobile operates its e-commerce business via two Internet portals–iMobile.com.cn and 18900.com–and one WAP portal 17wap.com for mobile phone browsing.

In addition, iMobile's 18900.com operation is the designated Internet distributor for Motorola, Nokia, and NEC's mobile products in China. 18900.com is the leading Internet e-commerce distributor of mobile products in China, and provides Internet, email, customer service centers, pre-sale and post-sale services, logistics and cash-on-delivery (COD) services to mobile related products in China.

iMobile's Internet portal has been one of the top ranked traffic sites and has achieved about 2.3 million registered online users and over 400,000 active users, with 5 million daily page views and 20,000 blog postings per day, which

makes iMobile the top ranked site in its category in China.

The purchase consideration for 51% of the equity interest of iMobile is approximately US$1.8 million, which represents approximately seven times the anticipated future annual net income of iMobile.

The purchase consideration is payable 14% in cash and 86% in restricted shares of PACT valued atUS$8 per

share, or about 172,000 restricted shares.

Under the purchase agreement, iMobile has committed to generate US$500,000 in annual net income. In the

event of a shortfall, the purchase price will be adjusted accordingly.

PacificNet will also invest approximately CNY 2 million in iMobile for general corporate and working capital purposes to support growth. The purchase price is payable upon achievement of certain quarterly earn-out targets based on net income.

Tags: acquisition | agreement | Beijing | blog | browsing | Business | capital | cash | China | CN | customer | customer service | delivery | distributor | e-commerce | email | Internet | Internet portal | logistics | mobile | mobile phone | Motorola | NEC | Nokia | technology

Other Related News:

Jacobi Capital Management LLC Boosts Holdings in Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) Watch List News

February 12, 2022

China, Iran, North Korea, Russia and others using Ukraine invasion in phishing attacks: Google Malware News Malware Analysis, News and Indicators

March 31, 2022

Chinese electric car start-up Nio says supply chain disruption, not demand, is its biggest problem – CNBC

June 13, 2022

Microsoft’s larger lesson from TikTok: Brad Smith on the future of U.S.-China tech relations

October 2, 2021

Broadband Market forecast to 2027 AT and T, China Telecom Corporation Limited, Comcast Corporation, Cox Communications, Inc., Deutsche Telekom, Intracom Telecom, Nippon Telegraph and Telephone Corporation, Time Warner Cable Inc., Verizon, Vodafone Group Plc.

September 6, 2021

Report: Invasion Of Taiwan Risks Container Shipping, Internet Cables International Affairs

September 5, 2022

Global VC investment falls for the fourth consecutive quarter to a near two-year low reaching $75.6 billion on 7,641 deals in Q4'22

January 18, 2023

China cyberspace regulator issues draft rules on internet pop-up push services – WKZO

March 3, 2022

Whaleshark, mysterious collector of 400,000 NFTs, sees Hong Kong as a hub for the digital token that is gaining fans

January 19, 2022
  • Contact Us
  • About Us
  • Corrections and Disclosure
  • Privacy Policy
  • Terms & Conditions
Menu
  • Contact Us
  • About Us
  • Corrections and Disclosure
  • Privacy Policy
  • Terms & Conditions
© 2023 ChinaTechNews.com. A Service of Asia Media Network.
Twitter