Lander Sports to acquire CHINA.COM for RMB 150m

Lander Sports announced that it has struck a partnership deal with Global Broadcasting Media Group (GMG). The partnership will see Lander acquire a 100% share in GMG’s subsidiary CHINA.COM for at least RMB 150 million (US$23.19 million).

According to the deal, Lander is going to purchase two subsidiaries from GMG. These companies operate CHINA.COM in Hong Kong and mainland China respectively. As well as this, the partners are making efforts to seek all round co-operation, especially in terms of stock rights.

As stated by several Chinese sources, Lander is aiming to to develop a multimedia platform by integrating the newly-acquired media resources with its sports intellectual properties.

Several days ago, Lander Sports announced its plan to purchase Zhejiang-based Binguo Technology (Chinese: 宾果科技), which focuses on internet lottery sales and the development and operation of online games.

Last year, the Shenzhen-based Lander Real Estate changed the firm’s name to Lander Sports, with its business scope shifting entirely from property investment to sports.

Source: Sina

Proofread by John Devlin.