PacificNet to Buy Beijing iMobile Stake For $1.8 Million

Hong Kong-based tech service provider PacificNet will acquire a majority interest in Chinese Internet portal Beijing iMobile

PacificNet will buy a 51 percent equity interest in iMobile for $1.8 million, with 14 percent payable in cash. As part of the deal, PacificNet has committed to investing $250,000 in iMobile, while iMobile has committed to generate $500,000 in annual income.

iMobile operates its e-commerce business via two internet portals, iMobile.com.cn and 18900.com, and WAP portal “17wap.com”. In addition, iMobile’s 18900.com operation is the designated internet distributor for Motorola, Nokia, and NEC’s mobile products in China.