Market Overview

Oriental Pearl to Take 20.01% Stake in The9 Limited Subsidiary Red 5

The9 Limited (NASDAQ: NCTY) today announced that its subsidiary, Red5 Studios, and two shareholders have entered into share purchase agreements for the issue and sale of Series B Preferred Stock and common stocks of Red 5 to Shanghai Oriental Pearl Culture Development Co., Ltd., ("Oriental Pearl"), respectively, for an aggregate of approximately $23 million consideration, subject to adjustment as set forth in the share purchase agreements. Upon the closing of the transaction, Oriental Pearl will be a 20.01% minority shareholder of Red 5 and Red 5 will remain a subsidiary of The9.

See full press release

Posted-In: News Guidance Offerings Management M&A Global

 

Most Popular

Related Articles (NCTY)

Around the Web, We're Loving...

Partner Network

Get Benzinga's News Delivered Free