CDC Games Limited, a business unit of CDC Corporation (CHINA), announced that it has increased its shareholding of Beijing 17game Network Technology from 48% to 100%.
17game is a massive multiplayer online role-playing games (MMORPG) provider whose latest online game, Yulgang, was one of the fastest-growing MMORPGs in China in 2005. The game was noted by 17173.com as the second most popular MMORPG among over 50 new online games launched in China in 2005 and also named by China e-Game Industry Association as the most innovative game of 2005.
CDC Games will purchase a total of 52% of 17game, in the form of 27% cash and 73% restricted shares of China.com for a total purchase price of US$18 million.
The share consideration will vest over the next two years. The founders of 17game will remain with the company and will continue to work with China.com's management team to expand the online game business and drive synergy between it and China.com's other operating units.
The acquisition is expected to facilitate China.com's integration of its online game business with the existing portal and MVAS units.