(Yicai Global) Sept. 14 -- Beijing Perfect World Network Technology Co., Ltd. is to acquire three cinema companies in an effort to further expand its business landscape and achieve multi-level access to revenues of the whole industry chain.
Perfect World announced on late September 13 that it would proceed with the agreement with Time Antaeus Media Co., Ltd. and Antaeus Film Investment to acquire stakes in three cinemas held by the latter two via its newly established wholly-owned subsidiary Perfect World Cinema Management (Chongqing) Co., Ltd.as the transaction subject. The total price will be CNY1.35 billion, or USD202 million.
PWCM will acquire all stakes of Antaeus Cinema held by Antaeus Film Investment with CNY606 million, all stakes of Time Antaeus and Antaeus Culture held by Antaeus Media with CNY231 million and CNY36.82 million, and transfer the creditor's rights of the target companies with a payment of CNY479 million.
Perfect World is one of the leading online game developers and operators in China. The company completed privatization last year and delisted from the NASDAQ.