V1 Group Limited to acquire Fengkuang.com

V1 Group Limited will obtain control over Fengkuang.com through the acquisition of Easy Prime Developments Limited.

This deal is believed to be worth as much as HKD630m (USD80.26m), which will be payable by cash, consideration shares and convertible bonds.

Fengkuang.com is a sports company focusing on the development and operation of online and mobile game applications, live streaming platforms, online information platforms and related sports products in Mainland China.

In July 2017, the Beijing-based company signed a 6-year strategic cooperation deal with Soccer Manager, a famous British online soccer management gaming platform. The sports company is also the exclusive official games partner of the Chinese Super League.

 “The Group is very confident of the prospect of Fengkuang.com,” As Zhang Lijun, Chairman of the Board of V1 Group said.

“Once the acquisition is successfully completed, V1 Group will apply its tremendous success of operating China mobile game's business to tap the huge sports market of nearly RMB 5 trillion in China, so as to form a strategic business layout with 'digital + new culture and entertainment' as its core businesses.”

Source: wallstreetcn.com

 Proofread by William Logsdon