Meitu seeks turnaround with hefty M&A bid

China’s biggest selfie-app operator pays $342 million to venture into video gaming in the face of rapidly changing consumer trends and a declining share price.

Meitu seeks turnaround with hefty M&A bid

Meitu, China’s biggest selfie app operator by user number, is set to conduct the largest acquisition in the company’s history as it tries to diversify away from its struggling core business.

The Hong Kong-listed company said on Wednesday that it has entered into an agreement to purchase a 31% stake in Canadian video game developer Dreamscape Horizon. Meitu plans to pay HK$2.7 billion $342 million in shares to purchase the stake from Chinese game...

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