Color Star Shares Shoot Higher On Gaming Company Acquisition Plans

Entertainment technology company Color Star Technology Co Ltd CSCW subsidiary, Color China, agreed to acquire Guangzhou Elephant Interactive Network Technology Co., Ltd to develop online mobile games for the international market. The financial terms of the transaction remain undisclosed.
The two companies will cooperate globally in game development, copyright distribution, and peripheral product sales.
Elephant Games specializes in online games with local characteristics and includes management talent from Tencent Holdings Ltd TCEHY and NetEase Inc NTES.
Color Star CEO Basil Wilson acknowledged the importance of Asia's sizeable mobile game market behind the collaboration leading to creating the sensational and best-selling game products and IP products.
Wilson also aimed to develop a series of business content, including e-sport competitions, theme hotels, and digital copyrights.
Price Action: CSCW shares traded higher by 6.19% at $1.03 in the premarket session on the last check Thursday.