Perfect World To Sell Its Shares In Shanda Games - Quick Facts

(RTTNews) - Perfect World Co., Ltd. (PWRD), an online game developer and operator based in China, announced that it has agreed to sell a total of 30.33 million class A ordinary shares of Shanda Games Ltd. (GAME), being the entire equity interest that Perfect World previously acquired.

Perfect World will sell these shares to Shanghai Buyout Fund L.P. at a premium for a total consideration of US$104.62 million in cash. The transaction is expected to be consummated in 30 days, subject to the satisfaction of customary closing conditions.

In addition, Perfect World also entered into an agreement to withdraw from a consortium it joined per an adherence agreement to the consortium agreement dated as of January 27, 2014, in the proposed "going private" transaction with respect to Shanda Games. Upon the withdrawal on September 1, 2014, Perfect World ceased to be a member of the consortium.