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Giant Interactive to Acquire 25% Interest in Five One Network

Posted on: Monday, 7 July 2008, 09:00 CDT

Giant Interactive Group, an online game developer and operator, has entered into a definitive agreement to acquire redeemable preferred shares, representing a 25% interest in Five One Network Development, an online social networking service provider, for approximately $51 million. The completion of this investment is subject to customary closing conditions.

Yuzhu Shi, chairman and CEO of Giant Interactive, said: "With this strategic investment in the largest independent social network service provider in China, we are positioning Giant at the forefront of the trend towards increasing convergence between online games and social networking communities.

"The combination of Giant's online game platform and expertise at free-to-play game monetization with 51.com's social networking business provides a unique opportunity to broaden our player base, expand our community-building opportunities, reinforce user stickiness and extend the lifecycles of our games."

Source: Datamonitor

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