YuuZoo Corp has acquired 30% of Infocomm Asia Holdings. The payment to IAH shareholders will be done by the issuance of 15 million new YuuZoo shares, worth about $2.39 million, representing 2.3% of YuuZoo’s issued shares.Under the deal, IAH’s game business will be transacted through YuuZoo’s e-commerce platform, adding to both YuuZoo’s topline and bottomline.
IAH distributes online and box games in Southeast Asia. In its eight years of operations, the company has built a registered user base in SEA of over 37 million users. It has distributed and or published games, such as FIFA OnLine, GuLong OnLine, Grand Theft Auto, Counterstrike OnLine and Granado Espada. In 2013 and 2014, it recorded annual revenues of over $40 million.
“While we initially planned to buy all of IAH, this partial acquisition gives YuuZoo the same benefits as a full acquisition would have done, but at a much lower cost to YuuZoo’s shareholders. It also includes the repayment to YuuZoo of the $6.5 million that IAH had borrowed from us,” says YuuZoo chairman Thomas Zilliacus.
Shares in YuuZoo closed 5.62% lower at 15.1 cents on Jan 15.
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