Shandong Hongda Mining Co Ltd announced on Monday that Shanghai Hongtou Network Technology Co has signed a Share Purchase Agreement with all shareholders of the UK gaming company Jagex Ltd to acquire a 100% stake in the latter for up to $300m in cash.
Shandong Hongda hopes this acquisition will diversify its business operations and bolster its profitability. This investment is expected to bring Shandong Hongda a RMB50m ($7.7m) return on investment.
Jagex Ltd is UK’s biggest game developer and distributor and reported a net profit of £23.7m in 2015. The most popular game developed by Jagex, RuneScape, holds the Guinness World Record for “biggest multi-player online role playing game”, and has generated $725m in revenue over the past ten years.
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