NQ Mobile sells mobile health business for $40m
December 1, 2015
NQ Mobile is to sell 100 per cent of the equity interest in Beijing Tianya, which operates Beijing-based NQ Mobile's mobile health applications related business, to Tack Fiori International Group, a Cayman Islands company listed in Hong Kong, for US$40m in cash.
Beijing Tianya is a wholly owned subsidiary of Beijing NQ Technology, NQ Mobile's consolidated affiliated entity in China.
The company's board of directors has approved both the transaction and the agreement. The closing of the transaction is subject to the condition that Tack Fiori obtains the necessary approvals, including shareholder approval, to complete the transaction, as well as additional customary closing conditions, and the satisfaction and compliance of all relevant requirements under the rules governing the listing of securities on the Hong Kong stock exchange.
NQ Mobile is a global provider of consumer and enterprise mobile internet services. Its portfolio of offerings includes mobile security and productivity, mobile search, mobile games and advertising applications for the consumer market and consulting, mobile platforms and mobility management services for the enterprise market. It maintains dual headquarters in Dallas, Texas, and Beijing, China.