Chinese wireless value-added services firm Hurray (HRAY) will transfer its software and system integration business unit, Hurray Times Communication (Beijing) Company, for US$4.8 million in cash to one of its primary institutional shareholders.

TWM Holding Co., Ltd., a wholly owned subsidiary of Taiwan Mobile, will acquire the unit, and total consideration is subject to adjustments based on the financial performance of Hurray Times' business in certain periods following the closing of the acquisition. The transaction is expected to close before March 31, 2008, subject to required China regulatory approvals and other customary closing conditions.

Commenting on this announcement, QD Wang, chairman and CEO of Hurray, said, "We are extremely pleased to announce this partnership with Taiwan Mobile. This deal will sharpen our focus on our transformation strategy to become a leading entertainment content production and distribution house in China."