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Chinanet Online Holdings Inc Announces Acquisition of Remaining Equity Interest in Sou Yi Lian Mei Network Technology Limited
Chinanet Online Holdings Inc announced that it will purchase the remaining 49% of the equity interest in Sou Yi Lian Mei Network Technology (Beijing) Co. Ltd. (SouYi) for approximately $6.5 million in cash. The Company will fund the acquisition through cash on hand and operating cash flows. ChinaNet expects the transaction to close by the end of the fourth quarter of 2012. Upon closing, SouYi will become a wholly owned subsidiary of the Company.
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