TMCnet News
Hurray! to acquire online audio business of ShandaJun 02, 2010 (Datamonitor Financial Deals Tracker via COMTEX) -- Hurray! Holding Co., Ltd. has entered into a definitive agreement to acquire online audio business of Shanda Interactive Entertainment Limited, a developer and operator of online games, in exchange for 415,384,615 newly issued ordinary shares of Hurray!. Hurray! is an online distributor of music and music related products. Both the companies are based in China. Concurrently, Shanda will acquire Hurray!'s recorded music and wireless value-added services businesses for $36.9 million in cash. The transaction is expected to be completed in the third quarter of 2010. KPMG Advisory (China) Limited is acting as financial advisor for Hurray!. Deal Type Acquisition Sub-Category Asset Purchase Deal Status Announced: 2010-06-01 Deal Participants Target (Company) Shanda Interactive Entertainment Limited - Online Audio Business Acquirer (Company) Hurray! Holding Co., Ltd. Vendor (Company) Shanda Interactive Entertainment Limited |