Sina Agrees to Acquire Davidhill Capital

Chinese online media company Sina has signed a definitive agreement to acquire Davidhill Capital and its UC instant messaging technology platform.

Sina will pay $15 million in cash and shares as the first installment and an additional contingent payment of up to $21 million in cash and shares in the next year based on growth performance levels.

Launched in 2002, the UC instant messaging service allows users to communicate in real-time over the Internet and mobile phone networks, via text messages, images and voice.

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