KongZhong Corporation Announces Strategic Acquisition of Noumena, a Smartphone ...
/PRNewswire-Asia/ -- KongZhong Corporation (the "Company") (NASDAQ: KONG), a leading provider of digital entertainment services for consumers in China, today announced it has entered into definitive agreements to acquire 100% of the equity interest in Noumena Innovations (BVI) Ltd. ("Noumena") and certain assets from a related party of Noumena for a total consideration of US$15.0 million in cash, which is payable over three years from the closing of the transactions, and 40.0 million of the Company's ordinary shares (equivalent to 1.0 million ADSs), which are subject to a three-year lock-up period. The board of directors of the Company has approved the transactions, and the transactions are expected to close in the first quarter of 2012.Noumena is the developer of Handymo, a cross-platform smartphone mobile game engine. The Handymo game engine, using its proprietary JavaScript-based development environment, supports all major smartphone mobile game platforms, including iOS, Android and HTML5, allowing for more rapid and cost-effective development of smartphone games, including 3D mobile massively multiplayer online ("MMO") games. By leveraging the Handymo game engine, Noumena has developed a number of successful "freemium" games for the iOS and Android platforms, including 3D Pool Master and Tank Fury HD 3D.
This is the 2nd major acquisition by Tencent this year, the other being the acquisition of Riot Games, the maker of League of Legends, an isometric strategy game, in Los Angeles for $400 million. As can be seen, these acquisitions are not really the
The company also offered users a package of free games and movie services as compensation. Representatives Mary Bono Mack, a California Republican, and GK Butterfield, a North Carolina Democrat, sent a letter to Sony requesting details on what customer