China.com Shareholders OK Timeheart Buy
Tuesday November 28, 7:48 am ET
China.com Shareholders Approve $15.7 Million Purchase of Timeheart
NEW YORK (AP) -- CDC Corp., owner of Chinese Internet portal China.com, said Tuesday the unit's shareholders unanimously approved its planned $15.7 million acquisition of Timeheart, which provides mobile services such as short messaging.
CDC, which also provides enterprise software applications and gaming services, said it expects the deal to add to earnings. The transaction is expected to close this week.
China.com said its CDC Mobile unit will operate the newly acquired business.
Timeheart, operating primarily in the northeastern and western provinces of China, logged a 2005 profit of about $3.5 million.
