YuuZoo acquires gaming firm Infocomm Asia Holdings for $18m
The enlarged YuuZoo Group is now valued at $680m.
YuuZoo today revealed that it has acquired 100% of Infocomm Asia Holdings, a gaming and game distribution company with over 35M registered users and annual revenues of over $34m (US$25m).
The acquisition, which is subject to SGX approval, was done through the issuance of 50 million YuuZoo shares at a value of $1.00 per share.
The effective consideration paid by YuuZoo for IAH is $18m (US$14.4m), given the last traded by price of YuuZoo shares on the SGX-ST of SGD 0.36c.
At $1 per share, the enlarged YuuZoo Group is valued at $680M.