Microsoft China to Acquire 15 Million Shares of Sichuan Changhong
July 06, 2007
According to China's Xinhua News, Microsoft China is planning to acquire 15 million shares of Sichuan Changhong, a China-based TV maker, for $6.27 RMB (US$0.8; US$1 = 7.6 RMB) per share in a deal valued at $94.05 million RMB (US$12.4 million). The two companies also signed a MoU (Memorandum of Understanding) for Media Galaxy project, whereby Microsoft China will provide Changhong with software for entertainment devices that connect PCs and TVs at home over the Interne. Furthermore, Microsoft will not be allowed to trade the new shares for 36 months. This deal, however, still requires Changhong's Board of Directors consents.