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 developer Leyou Technologies.
Wednesday’s announcement did not come as much of a surprise since Meitu has made it clear that it wants to restructure its business due to the increased competition faced...
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