Chinese selfie application startup Meitu intends to acquire 31 percent stake in British Virgin Islands-based online gaming company Dreamscape Horizon, a subsidiary of Hong Kong-based gaming company Leyou.
Under the deal, Meitu will pay about for 2.7 billion Hong Kong dollar ($344.1 million) for Leyou’s gaming business.
Meitu said that the acquisition will diversify its business beyond the hardware unit, which generates most of its revenue.
Meitu noted the alliance with Leyou will broaden its business scope and diversify its geographical income strategies.