To Acquire For USD80 Million

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Chinese social networking site has announced plans to acquire the entire stake in, a Chinese video website, for USD80 million in cash.

The transaction is expected to be completed in the fourth quarter of 2011. This is reportedly the first major strategic acquisition of since the company was listed in the New York Stock Exchange in May 2011.

The transaction will reportedly not affect the current organizational structure of In addition, made a complete employee incentive program for to encourage these employees to stay in the company. At present, has about 200 employees. Of these staff, those working for the marketing, sales, and product teams of will be integrated with the corresponding teams of after the transaction.

With this acquisition, will becom...

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