China: Baidu acquiring Perfect World online literature unit for $31.5M

Perfect World Co., Ltd. (“Perfect World” or the “Company”), a leading online game developer and operator based in China, today announced that it has entered into a definitive agreement to sell Beijing Huanxiang Zongheng Chinese Literature Website Co., Ltd. (“PW Literature”), the entity that operates Perfect World’s Chinese online reading business, to Beijing Baidu Netcom Science Technology Co., Ltd. (“Baidu”), an entity unrelated to Perfect World, for a total consideration of approximately RMB191.5 million, for the acquisition of PW Literature’s equity and the repayment of PW Literature’s loan from Perfect World.