China TechFaith Agrees To Buy QiGi For $12.5M
SEATTLE (AP) ¿ Cell phone design and manufacturing company China TechFaith Wireless Communication Technology Ltd. said Monday it has agreed to buy QiGi in a deal valued at $12.5 million.
Beijing-based TechFaith said it would acquire the smart phone maker for $500,000 in cash and about 65.9 million ordinary TechFaith shares ¿ the equivalent of about 4.4 million U.S.-traded shares. The number of shares issued is contingent on QiGi earning $8 million in fiscal 2010 and $10 million in fiscal 2011.
QiGi, also based in Beijing, has jointly launched devices with TechFaith in the past.
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