2010/12/14
KDDI acquires KKBOX Inc, the digital music service provider
KKBOX Inc (KKBOX, CEO Chris Lin) today signed a definitive agreement to sell its majority shareholdings to KDDI, the second largest telecom carrier in Japan.
Under the agreement, KDDI will purchase 76 percentage shareholdings in KKBOX on December 24th 2010 while the management team continues to own the remaining 24% of the company. After the completion of this acquisition KKBOX will become a consolidated subsidiary of KDDI.
KKBOX provides a multi-device digital music service which is accessible from such devices as PC, Smartphones and Mobile phone in Taiwan and Hong Kong. KKBOX has strong and established relationship with music labels in Taiwan, the heart of the Chinese music industry, and also holds the respectable position as music information media. KKBOX already provides service for more than 7million users in Taiwan and customer base in Hong Kong is on the increase as well.
KDDI, through this acquisition, utilizing the service delivery platform and know-how of KKBOX, aims to provide new contents service for Smartphone users, and also intends to enter into China-market thorough the already established business platform of KKBOX around the region.
Under the agreement, KDDI will purchase 76 percentage shareholdings in KKBOX on December 24th 2010 while the management team continues to own the remaining 24% of the company. After the completion of this acquisition KKBOX will become a consolidated subsidiary of KDDI.
KKBOX provides a multi-device digital music service which is accessible from such devices as PC, Smartphones and Mobile phone in Taiwan and Hong Kong. KKBOX has strong and established relationship with music labels in Taiwan, the heart of the Chinese music industry, and also holds the respectable position as music information media. KKBOX already provides service for more than 7million users in Taiwan and customer base in Hong Kong is on the increase as well.
KDDI, through this acquisition, utilizing the service delivery platform and know-how of KKBOX, aims to provide new contents service for Smartphone users, and also intends to enter into China-market thorough the already established business platform of KKBOX around the region.
