PacificNet, a leading provider of gaming technology, customer relationship management and e-commerce in China, has signed a definitive agreement to acquire 100 per cent ownership of Octavian International, a worldwide supplier of gaming technology, solutions and systems.
Financial terms of the transaction have not been disclosed, but China-based PacificNet said it will issue restricted shares representing about 19.5 per cent of its outstanding shares, and that there is also an additional cash performance bonus.
In fiscal 2006, Octavian posted revenue of US$64.6m and a gross profit of $18.4m. The acquisition is expected to increase PacificNet’s gaming revenue and profit and is expected to add to earnings in 2008.
Upon completion of the transaction, Octavian will continue operating under its current name as a wholly-owned subsidiary of PacificNet, and would continue to pursue its global growth strategy as a leading provider of gaming technology.
