SK Telecom Co., South Korea's leading mobile company, said Thursday it has purchased a 30-percent stake in a Chinese online game company to advance to China's rapidly-growing gaming industry.
According to SK Telecom, the company signed a deal with Shanghai Magicgrids Networks to purchase the company's shares worth 7.8 million U.S. dollars. SK said it will participate in game development, publishing and other management decisions of the Chinese company.
Chinese game market was valued around 1.2 trillion won (1.14 billion U.S. dollars) last year. The market is showing an average expansion of 82 percent in recent years.
SK Telecom said it plans to strengthen its competitiveness in China through Magicgrids to establish itself as a pan-Asian gaming company.
Source:Xinhua
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