Hurray! Holding Co. sells software unit for $4.8M
Hurray! Holding Co., Ltd. (Nasdaq: HRAY) shares are perking up after the provider of ring tones to Chinese cell phone customers announced before the opening that it’s selling its software and system integration business to TWM Holding Co. Ltd., a subsidiary of Taiwan Mobile Co. Ltd., for $4.8 million.
The all-cash transaction is expected to close before March 31, Hurray said in a statement.
“We are extremely pleased to announce this partnership with Taiwan Mobile,” CEO QD Wang said in a statement. “This deal will sharpen our focus on our transformation strategy to become a leading entertainment content production and distribution house in China.”
Taiwan Mobile said it already owned a 5% stake in Hurray Holding.
In afternoon trading, HRAY shares are up 8.40%, or $0.43, at $5.55. Over the last 52 weeks, shares have ranged from $3.32 to $8.28.
