China Mobile to buy 15% of Anhui USTC IFlytek

China Mobile Ltd. said Thursday it would pay 1.36 billion yuan ($214.85 million) to buy a 15% stake in Shenzhen-listed Anhui USTC iFlytek Co., which makes software that converts text to speech.

In a filing posted to the Hong Kong stock exchange, China Mobile said the transaction will be completed before June 30, 2013.

Both companies have also agreed to enter into a strategic partnership agreement to cooperate on applications and products.

The filing also said that the deal will allow China Mobile to place one non-independent director into Anhui USTC's strategic committee to make recommendations on development strategies and investment decisions.

In 2011, Anhui USTC posted a revenue of CNY557.01 million.

Source: http://www.totaltele.com/view.aspx?ID=475844

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