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China Mobile Games and Entertainment agrees to merge with Pegasus

(Reuters) - Mobile games developer China Mobile Games and Entertainment Group Ltd CMGE.O said it agreed to merge with Pegasus Investment Holdings Ltd in a deal valued at about $690 million.

The deal price of $22 per American depositary share (ADS) represents a premium of 9.8 percent to China Mobile’s Monday closing price.

Reporting by Kshitiz Goliya in Bengaluru

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