[December 04, 2009] Pay88 to acquire Hongmeida Enterprise Tweet Dec 04, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- Pay88, Inc., a US-based reseller of online multiplayer game time and prepaid cards, has entered into a letter of intent to merge with Hongmeida Enterprise Group. Under the letter of intent, Pay88 will acquire Hongmeida Enterprise. Hongmeida Enterprise is a China-based investment and financial services firm. Deal Type Acquisition Sub-Category Majority Acquisition Deal Status Announced: 2009-12-03 Deal Participants Target (Company) Hongmeida Enterprise Group Acquirer (Company) Pay88, Inc. Deal Rationale The acquisition of Hongmeida Enterprise will allow Pay88 to use its payment platform and existing banking relationships in China to a much wider consumer audience. [ Back To TMCnet.com's Homepage ]