Hong Kong-listed online media service provider VODone Ltd<0082> has reached an agreement to spend HK$168 million acquiring a 70% stake in mobile game developer Dragon Joyce, sources reported.
Pursuant to the agreement, VODone will pay HK$40 million and issue more than 100 million shares to settle the deal. After the transaction, Executive Chairman Zhang Lijun's shareholding in VODone would be reduced to 15.52% from the previous 16.21%.
Dragon Joyce, which also provides value-added Internet services, has 7 million active users with 1.2 million coming in each month. The company has cooperated with more than 300 handset designers and manufacturers.
Shares of VODone ended flat at HK$1.64 on Thursday.
