GUANGZHOU, China, Dec. 11, 2014 (GLOBE NEWSWIRE) -- YY Inc. (Nasdaq:YY) ("YY" or the "Company"), a revolutionary real-time interactive social platform, today announced that it has reached a definitive agreement to fully acquire Beijing Huanqiu Xingxue Technology Development Co., Ltd ("Xingxue") and Beijing Huanqiu Chuangzhi Software Co., Ltd ("Chuangzhi") from Shanghai Global Career Education Science & Technology Holding Company ("Huanqiu") for a total cash consideration of approximately RMB 120 million. The transaction is subject to customary closing conditions.
Xingxue and Chuangzhi operate the online education website, edu24ol.com. With approximately 700,000 registered users, edu24ol.com is one of China's leading online vocational training and language training platforms. Edu24ol.com generates over half of its revenues from students studying architecture and construction engineering, but also has a strong focus in the medical, finance and accounting subject matter. As part of the agreement, Huanqiu will retain the online English training business.
Mr. David Xueling Li, Chief Executive Officer of YY, stated, "We are extremely excited about our acquisition of edu24ol.com. Not only have we acquired one of the best online professional education platforms in China, but we have also dramatically expanded our own educational service offerings. By utilizing YY's advanced technology platform and massive user base, edu24ol.com can reach a larger number of students while focusing on its core strength of producing high-quality educational content. We are confident that this deal will help strengthen our online education platform, and we look forward to a strong future together."
About YY Inc.
YY Inc. ("YY" or the "Company") is a revolutionary real-time interactive social platform that engages users in real-time online group activities through voice, text and video. Launched in July 2008, YY Client, the Company's core product, empowers users to create and organize groups of varying sizes to discover and participate in a wide range of online activities, including online music and entertainment, online games, online dating, live game broadcasting and education. YY Inc. was listed on NASDAQ in November 2012 and generated over US$300 million revenues in the financial year of 2013.
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