Focus Media (FMCN) has completed its acquisition of CGEN Technology Company Limited.
In accordance with the share purchase agreement entered into on December 10, 2007, Focus Media made a cash payment of US$168,437,500 to the CGEN shareholders and the CGEN shareholders delivered 100% of the equity interest in CGEN to Focus Media. With this acquisition, Focus Media says it has significantly expanded coverage of its digital advertising displays in large chain stores in China.
Focus Media is one of China's leading multi-platform digital media company, operating the largest out-of-home advertising network in China using audiovisual digital displays, based on the number of locations and number of flat-panel television displays in our network, and is also a leading provider of mobile handset advertising and Internet marketing solutions in China.
Through Focus Media's multi-platform digital advertising network, the company reaches urban consumers at strategic locations and point-of-interests over a number of media formats, including audiovisual television displays in buildings and stores, advertising poster frames and other new and innovative media, such as outdoor light-emitting diode or LED digital billboard, mobile handset advertising networks and Internet advertising platforms.