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BIZCHINA / IT/Media |
Focus Media to acquire Allyes(Reuters)
Updated: 2007-02-28 18:28 Focus Media Holding Limited (Nasdaq: FMCN) announces that it has entered into a definitive agreement to acquire Allyes Information Technology today, the largest internet advertising service company in China. Under the agreement, the FMCN will acquire a 100 percent equity stake of Allyes for $70.0 million in cash and $155.0 million in the form of FMCN ordinary shares, and an additional payment of up to $75.0 million in FMCN ordinary shares contingent upon Allyes meeting certain earnings targets during the twelve month period from April 1, 2007 to March 31, 2008. The transaction is expected to be accretive to FMCN's earnings per share in 2007 excluding potential additional intangible amortization resulting from the acquisition. |
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