Chinese online game developer and operator Perfect World has announced plans to acquire a 100% stake in Wuhu Huitian Shengshi Network Technology Company for about CNY255 million.
Perfect World will also acquire a minority stake in Beijing Shouyou Daqu Technology Company from Beijing Huitian Shengshi Technology Company for about CNY4 million.
Wuhu Huitian Shengshi and Beijing Shouyou Daqu are operators of China's leading game portals TGBus.com and PTBus.com, respectively. Before the investment from Perfect World, the ultimate controller of Wuhu Huitian Shengshi and Beijing Huitian Shengshi is claimed to be an individual unrelated to Perfect World. This transaction is still subject to some closing conditions.
Xiao Hong, chief executive officer of Perfect World, said they are glad to enter into agreements for these investments. As two of the most popular game portals in China, TGBus and PTBus have accumulated great knowledge about the industry and players. They believe these strategic investments will create synergies and provide better support to the game businesses of Perfect World, and help the company seize new growth opportunities in the broad spectrum of the future gaming industry.
Rumors about Perfect World's acquisition of TGBus started to spread in October, indicating that the company's intention to tap the gaming console market was nigh. Prior to this, Perfect World cooperated with Geeya Technology in the launch of a hardware gaming box covering various gaming products of Perfect World.