March 27, 2014
Dentons announced today that it advised the sellers on the sale of a 20% shareholding in Magic Feature Inc. to Forgame Holdings Limited (HKEx Stock Code: 00484) for a total consideration of US$70 million (HK$543,270,000).
Magic Feature Inc. and its subsidiaries are engaged in the business of developing and publishing mobile games. One of its key games is "Tower of Saviors" (神魔之塔), which has a substantial number of users and high download rates. Forgame Holdings Limited is a leading developer and publisher of web games in China and is further expanding into the mobile games market.
Commenting on the deal, Asia Head of Corporate Finance Gordon Ng said: "This is a fast growing sector and we were delighted to assist Magic Feature on this deal which will position the company well for future growth".
The Dentons Asia team was led by partner Gordon Ng and counsel Cecil Kwong. Dentons advised the sellers on all aspects of the disposal of Magic Feature Inc.
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