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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.

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