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Business deals

Chinese beauty app Meitu steps into gaming with $343m deal

HONG KONG (Nikkei Markets) -- Hong Kong-listed smartphone and internet hardware company Meitu said Wednesday its unit Meitu Investment is buying 31% of Dreamscape Horizon for HK$2.69 billion ($342.7 million) from a unit of Leyou Technologies, diversifying geographically and adding to its income streams.

Meitu will pay the vendor, Dream Beyond Holdings, with 991.4 million Meitu shares at HK$2.71 each, a 12.30% discount to the closing price of HK$3.09 on Tuesday, the company said.

The shares represent 23.58% of the total outstanding shares of Meitu currently and 19.08% after the deal.

Dreamscape Horizon owns 97% of Digital Extremes, a Canada online games company. It makes video games for personal computers and consoles such as PS4, Xbox One and Nintendo Switch.

Meitu said it is leveraging its user base both in China and overseas to explore potential areas of strategic cooperation with the Leyou Group, which has extensive experience in gaming.

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