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Taiwan Mobile to buy China content developer

Mon Oct 8, 2007 6:47am EDT

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TAIPEI, Oct 8 (Reuters) - Taiwan Mobile (3045.TW), the island's third-largest telecoms operator, said on Monday it will pay up to $53 million for a China-based developer of digital mobile content owned by Hurray Holding Co Ltd (HRAY.O).

Regulatory News  |  Mergers & Acquisitions

Taiwan Mobile will acquire Hurray Times Communications Beijing under the deal, which is pending approval by Chinese and Taiwanese regulators, it said in a statement.

"We're investing for their talent and experience in the market," said Josephine Juan, a spokeswoman for Taiwan Mobile.

Juan added that Taiwan Mobile already owned a 5 percent stake in the parent company, Hurray Holding, which is also based in China.

Taiwan Mobile shares closed 3.17 percent higher on Monday, outperforming the benchmark TAIEX index which advanced 1.04 percent.

The firm competes with domestic rivals Chunghwa Telecom (2412.TW) and Far Eastone Telecommunications Co (4904.TW). (US$1=T$32.5)

Regulatory News
Mergers & Acquisitions


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