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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.

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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