Perfect World To Sell Chinese Online Reading Unit For RMB191.5 Mln - Quick Facts

(RTTNews) - Perfect World Co. Ltd. (PWRD), China-based online game developer and operator, announced that it has reached a definitive agreement to sell Beijing Huanxiang Zongheng Chinese Literature Website Co., Ltd. or PW Literature, the entity that operates Perfect World's Chinese online reading business, to Beijing Baidu Netcom Science Technology Co. Ltd., an entity unrelated to Perfect World, for a total consideration of about RMB191.5 million, for the acquisition of PW Literature's equity and the repayment of PW Literature's loan from Perfect World.

The consummation of the transaction contemplated in the agreement is subject to the satisfaction of customary closing conditions.

The transaction is expected to sharpen Perfect World's focus on its core online game development and operation.