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NQ Mobile Inc. enters into a binding agreement to sell NationSky

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 2 days 8 hrs ago

BEIJING and DALLAS, Aug. 26, 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 legally binding share purchase agreements (the "NationSky Agreements"), which provide for the sale of all of NQ Mobile's interest in the NationSky business ("NationSky Divestment"), including the entire interest in Beijing NationSky Network Technology Co., Ltd., to Mr. Hou Shuli, a founder and senior management member of Beijing NationSky, for an aggregate consideration of US $80 million cash.

The NationSky business provides device agnostic managed mobile services, mobile device management services and other mobile SaaS offerings to enterprises. The Company's board of directors and audit committee approved the NationSky Agreements and the NationSky Divestment. Pursuant to the NationSky Agreements, approximately US$16 million of the total purchase price shall be delivered to the Company within ten business days of the NationSky Agreements, and approximately US$48 million shall be paid to...