December 17, 2009 (FinancialWire) — KongZhong Corp. (NASDAQ: KONG), a mobile Internet company in China, said it has entered into a definitive agreement to acquire Shanghai Dacheng Network Technology Co., Ltd., a developer of three-dimensional massively multi-player online role-playing games based in Beijing and Shanghai.

Based on Dacheng’s 2010 posted net profit after tax, as calculated under U.S. GAAP, KongZhong would pay up to $80 million, in a mix of cash and the company’s ordinary shares, to Dacheng’s shareholders.

The transaction has been approved by KongZhong’s board of directors. The company said it expects that the transaction will close in the first quarter of 2010.

“With the strong performance of Dacheng’s newest 3D online game, Loong

China-based KongZhong offers wireless services to consumers in China.

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