Content Delivery Specialist Goes Global with $186 Million Purchase
(Beijing) — Shenzhen-listed Internet services provider Wangsu Science & Technology Co. Ltd. said it has agreed to buy South Korean peer CDNetworks for 21.1 billion yen ($185 million) in a bid to quickly expand its content delivery services outside its home market.
Wangsu is buying about 85% percent of CDNetworks’ shares from KDDI Corp., one of Japan’s leading wireless carriers, according to an announcement published on Tuesday on the Shenzhen Stock Exchange. KDDI bought its CDNetworks stake in 2011 for $167 million with a similar aim of extending its own global reach by tapping the South Korean company’s network.
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