Glu Mobile acquires Chinese gaming firm MIG

Mobile gaming publisher Glu Mobile announced its acquisition of Chinese mobile gaming firm MIG Information Technology. Per terms of the deal, MIG shareholders will receive approximately $14.7 million in cash, with additional payments of up to $25 million in cash and stock contingent on certain 2008 milestones. MIG CEO Wang Bin will join Glu as GM focusing on the Chinese market, and the firm's remaining 80 employees will also join the Glu ranks, working out of offices in Beijing and Hefei. According to Glu, the acquisition accelerates its Chinese presence and expands its relationship with operator China Mobile: "The combination of MIG's strong portfolio, exceptional management team and demonstrated market leadership complements our existing operation in the region and positions Glu to be the leader in this important emerging market," said Glu CEO and president Greg Ballard in a prepared statement.

For more on the Glu/MIG deal:
- read this release

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