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

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Perfect World
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.
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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Posted In: NewsGuidanceAsset SalesManagementGlobal
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