agreed Wednesday to pay $66 million to acquire Chinese wireless entertainment company
"The acquisition of Treasure Base is in line with our business strategy to grow TOM Online both organically and through acquisitions. This strategic move is a further reflection of our commitment to the wireless Internet market in China," said CEO Wang Lei Lei. "Treasure Base has a leading market share in the wireless entertainment segment and its success in building partnerships with leading Chinese TV networks will further solidify our leading position in the wireless Internet market in China."
The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close no later than the first quarter of 2005.
Early Wednesday, Tom Online rose 6 cents to $10.08.