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NQ Mobile Inc. enters into a binding agreement to sell Beijing Tianya

6:58 am NQ Mobile sells 100% of the equity interest in Beijing Tianya Co. to Tack Fiori International Group Limited for $40 mln in cash 1 hr 32 mins ago

BEIJING and DALLAS, Nov. 18, 2015 /PRNewswire/ -- NQ Mobile Inc. ("NQ Mobile" or the "Company") (NQ), a leading global provider of mobile Internet services, today announced it has entered into a legally binding agreement (the "Agreement") to sell 100% of the equity interest in Beijing Tianya Co., Ltd., which operates NQ Mobile's mobile health applications related business, to Tack Fiori International Group Limited ("Tack Fiori"), a Cayman Islands company listed in Hong Kong, for an aggregate consideration of US$40 million, or the RMB equivalent, in cash (the "Consideration"). Beijing Tianya Co., Ltd. is a wholly owned subsidiary of Beijing NQ Technology Co., Ltd., NQ Mobile's consolidated affiliated entity in China.

The Company's board of directors has approved both the transaction and the Agreement. The closing of the transaction is subject to the condition that Tack Fiori obtains the necessary approvals, including shareholder approval, to complete the transaction, as well as additional customary closing conditions, and the satisfaction and compliance of all...