Perfect World to Sell Its Chinese Online Reading Business to Baidu for RMB 191.5M

by Benzinga Staff
December 27, 2013 5:54 AM | 1 min read | Make a Comment

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Perfect World (NASDAQ: PWRD) today announced that it has entered into a definitive agreement to sell Beijing Huanxiang Zongheng Chinese Literature Website Co., Ltd., the entity that operates Perfect World's Chinese online reading business, to Beijing Baidu Netcom Science Technology Co., Ltd. (NASDSQ: BIDU) for a total consideration of approximately RMB191.5 million, for the acquisition of PW Literature's equity and the repayment of PW Literature's loan from Perfect World. The consummation of the transaction contemplated in the agreement is subject to the satisfaction of customary closing conditions. The transaction is expected to sharpen Perfect World's focus on its core online game development and operation.

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Crypto Whales Are Loading Up — Are You?

New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.

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