Kim Kardashian Game Maker Glu Mobile Gets Chinese Investor

Posted: Apr 30 2015, 2:07am CDT | by , in Latest Business News


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Kim Kardashian Game Maker Glu Mobile gets Chinese Investor

Glu Mobile announced that Tencent Holdings Limited invests in the company and takes about a 15% ownership.

Glu Mobile Inc., developer and publisher of mobile games announced that Chinese Investment Holding Company Tencent Holdings Limited is investing about $126 million in the company. Tencent has agreed to purchase 21 million shares of Glu’s common stock at a price of US$6.00 per share for total consideration of US$126 million. This will give Tencent at the end of the deal close to 15% ownership in Glu Mobile.

Glu Mobile is well known for its popular Kim Kardashian branded games and also for mobile games like deer Hunter, Racing Rivals and Dinner Dash.

“I am proud to announce that we have entered into a strategic relationship with arguably Asia’s largest internet company and the world’s largest games company – Tencent. I consider their expertise in gaming to be unrivaled and we are excited to power ahead with the support of a fantastic partner that believes in our strategy and shares our vision,” said Niccolo de Masi, Chairman & CEO of Glu.

“Tencent was attracted to Glu due to its five-year growth track record, high-quality entrepreneurial management, and unique approach to methodically building a portfolio of success in the shooter, action-RPG, narrative-RPG, time-management, sports and racing genres,” said Steven Ma, SVP and Head of Tencent’s Interactive Entertainment Group. Mr. Ma will join Glu Mobile's board.

Mr. Ma continued, “Collaboration between our companies will enable Glu to tailor its games more powerfully by tapping Tencent’s strength in online, social and MMO capabilities. I look forward to working with Niccolo and the rest of the Glu Board to take Glu to the next level.”

This deal is opening Glu Mobile to the vast Chinese market. Kim Kardashian goes China.

Financial Details of the Glu Mobile Investment:

The transaction will be completed in two tranches, with Tencent today purchasing 12.5 million shares, and committing to purchase the remaining 8.5 million shares upon the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.

Subject to the foregoing, the parties expect the second tranche to be completed in Q2-2015.Tencent will own approximately 14.6% of the total shares on a fully-diluted and as converted basis immediately after completion of the investment. Glu will have a pro forma cash balance of approximately $190 million, based on Glu’s cash balance as of March 31, 2015, immediately after the completion of the transaction.

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<a href="/latest_stories/all/all/2" rel="author">Luigi Lugmayr</a>
Manfred "Luigi" Lugmayr () is the founding Chief Editor of I4U News and brings over 25 years experience in the technology field to the ever evolving and exciting world of gadgets, tech and online shopping. He started I4U News back in 2000 and evolved it into vibrant technology news and tech and toy shopping hub.
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