Giant plans to acquire Taomi for more lead in gaming
Giant Network Group Co plans to acquire Taomi, a popular game brand among kids with titles such as Moore Park and with an estimated value of 1.5 billion yuan (US$234 million), the Shanghai-based company said on Monday.
Giant, listed in Shenzhen, will fund the acquisition in cash, with an expected transaction period of three months.
After the deal, Giant will hold 72.8 percent of Taomi which is valued 1.5 billion yuan, according to a company statement to the Shenzhen Stock Exchange.
As a home entertainment firm, Taomi's business covers online gaming, film and drama products, with titles such as "Moore Park" and "Seer" which are popular among kids and young students.
By September 30, Taomi had about 30 million registered users.
Giant and Taomi will integrate their business and services on IP development, technology research, games and user services, the company said.
Shanghai's gaming industry is growing rapidly and has become a national gaming hub thanks to popular titles such as Genshin Impact from miHoYo, Giant's Zhengtu and eSports development, analysts said.