After a year, the spread of Bo Rui finally officially completed the acquisition of the roaming Valley

August 9, Bo Rui spread the announcement that the company Non-public issue A shares raised funds to buy Beijing Roaming Valley Information Technology Co., Ltd. 70% stake in the application by the SFC approved.

"1.03 billion yuan, a premium of 7 times times", these figures for the recent frequent mergers and acquisitions of the online industry, not too stunned.

In fact, the roaming valley is quite eye-catching is the legal person in the triumph of the shareholder's century. With Tencent's platform, roaming Valley "seven-male hegemony," the monthly water breakthrough billion, and is in transition to seek breakthroughs in the spread of the Bo, but also willing to take the acquisition to become Tencent's "affiliated party."

However, in the face of the entire page Tour market platform period, the future development of such mergers and acquisitions face more challenges.

"The cost of getting users more and more, the competition is more and more intense, so each merger and acquisition will sign to the gambling agreement to ensure their own interests." "Analysys International analyst Shi Yong the 21st century network.

However, due to the cooling of the capital market, although there is good news, Bo Rui spread August 12 Close still fell 2.44%, closed at 21.62 yuan.

Ma Teng set is over 300 million

As an old culture media enterprise, Bo Rui Spread and roaming valley of the "marriage" has taken its foray into the online games industry's most important part.

October 2012, Bo Rui spread issued a notice that the proposed to raise funds to add more to 1.03 billion yuan to buy 70% of Roaming Valley Equity.

According to the 21st Century network access data show that roaming Valley is currently the main products for role-playing class, strategy category, large-scale leisure-type web games, including "seven-male hegemony", "Magic mainland" and "Kungfu West Tour", which "seven-male hegemony" for roaming Valley Business income main source.

Earnings show that its 2011-year operating income of about 210 million yuan, net profit of 110 million yuan, 2012 1-August Its operating income of about 160 million yuan, net profit of about 83 million yuan, net assets is about 215 million yuan.

In this calculation, the company bought Roaming Valley 70% of the shares, a premium of 7 times times.

Shi Yong to 21st Century Net said, this kind of acquisition premium in 7-9 times times are more normal, and in this year, because of the market's hot, the game company acquisition Premium is 10 times times-15 times times.

The acquisition, Bo Rui spread to the century triumphant purchase 46.05% of all shares in the roaming valley, to shareholders Jike, Nano, Wang Jiamu, Zhang Fumao and Huang Ming five people buy the total equity of 8.88%, 3.24%, 3.24%, 6.49% and 2.1% respectively.

The reason why roaming Valley is quite concerned is precisely because the legal person behind the triumph of the century is Ma Teng.

According to public information, Ma Teng holds a 54.2857% per cent stake in the triumph of the century, while the century triumph has a 65.79% per cent contribution to the roaming valley before the acquisition. In other words, MA in the acquisition of the indirect possession of roaming Valley 35% of the equity, after the acquisition can be set now 362.6 million yuan.

After the completion of the transaction, Bo Rui spread will hold 70% of the shares of roaming valley, Century triumph holds a roaming Valley 19.74% stake. And the century triumph and Tencent will also become the spread of Bo Rui new links.

There is no denying that, in addition to entering the roaming valley, the acquisition and Tencent to establish a link is one of its strategy, in its implications of the concept, but also added "Tencent platform cooperation".

Bo Rui spread in the annual report, the depth of mining and Tencent's strategic cooperative relationship, with the help of QQ platform to launch roaming Valley and Bo Rui dissemination of other follow-up products, and comprehensively enhance the spread of the network gaming business brand effect, market size and industry status, Finally, the realization of Bo Rui spread network game business into the national Network game company's first echelon of strategic objectives.

Difficult to escape Tencent relies on

In the world of online games, Tencent is a "karez" that doesn't go around.

For the page tour, Tencent's position is very strong, divided into can reach "28 open", compared with the newly rising hand tour, its split is currently maintained in the "55 open."

The success of roaming Valley depends largely on the platform of Tencent.

In addition to the "seven-male hegemony", roaming Guxian have other works, and in the current most popular hand tour, roaming Valley is not particularly prominent.

In fact, roaming Valley is mainly dependent on Tencent's platform, specific business and traffic or Tencent brought. Shi Yong to the 21st century net.

Shi Yong further said that for Tencent, roaming Valley of Tencent can be supplemented by the business is not particularly large, Tencent is not particularly dependent on the page to research and development, the more important to the end of the tour and hand tour, so selling roaming valley is not an incomprehensible thing.

An online gaming industry veteran practitioner of the 21st century network said, if only from the business of the page, even if there is Tencent platform, the prospect of roaming Valley is not too optimistic.

"Seven-male hegemony" peak has passed, and roaming valley behind the launch of the "Kungfu West Tour" and other games, but so far no one can achieve success. At the same time, roaming Valley's hand tour project is not prominent, so, can not rule out the spread of Bo Rui is to spend money to buy a walk "downhill" company. "The analysts said.

In order to prevent risk, Bo Rui spread and Roaming Valley also signed a "gambling agreement."

According to the latest announcement of the supplementary agreement, if the roaming valley in 2014 net profit of not less than 120 million, then Bo Rui Transmission will be in accordance with the agreement agreed to buy 432 million yuan for the remaining 30% per cent of the roaming valley. and the performance evaluation period of 2013-2015, and the agreed three years after the estimated net profit of 156 million yuan, 203 million yuan and 203 million yuan.

"This is difficult to implement, in all mergers and acquisitions have a gambling agreement, because the game industry risk is relatively large, is not very stable." And at present the entire page swims the market is in the platform period, obtains the new user difficulty to increase, the cost increases, everybody is smashing the money to buy the user. Shi Yong to the 21st century network.

The senior practitioners also expressed concern over the next few years. In his view, the page to make "fast money" of the company more and more, the renewal rate of the page tour is less than one year, to the Ming and the next years can continue to maintain over billion income is very uncertain.

Cultural Media Enterprise Transformation

In fact, as a cultural media enterprises in the Bo Rui spread as early as 2009, has begun to explore the road of online games industry.

2009, Bo Rui spread the acquisition of Chengdu Dream Factory Network Information Co., Ltd., 2012 through the investment of 50 million Yuan Holdings Changzhou Paradise Network Technology Co. The former in 2012 years to the spread of Bo to bring a 52.05 million yuan income, while the latter let Bo spread to obtain a 5-year "Jin Dance Group 2" in mainland China exclusive Operation agent.

"We all know that the traditional culture and media enterprises tend to decline, and the trend is not to improve, so hope to be able to find more lucrative business, and online games belong to the cultural industry, so we are all in this direction." "Shi Yong said.

However, compared with the big acquisition of Roaming Valley, the above are involved in a small test. Looking at the results of the transmission of Bo Rui can be seen, although it entered the game industry earlier, but the game revenue accounted for is not big.

According to the 2013.5 annual report released by Bo Rui, the company realized operating income of 703 million yuan, an increase of 7.47% per cent, and achieved net profit of 180 million yuan, an increase of 5.01%. Among them, the net income is 48.3569 million yuan, although the operating income is 15.62% higher than the same period last year, but the gross margin reduced 8.38%. Bo Rui spread that the microfinance business has become the main source of net profit growth.

In 2012, the operating income of Bo Rui was 1.36 billion yuan, which grew 3.85% from a year earlier and a net profit of 286 million yuan, which decreased by 27.44% over the same period last year. Among them, the net income is 93.6594 million yuan, the income is reduced 10.06% from the previous year, the gross profit margin is reduced 5.76%, its printing and advertising business is still the pillar of its income, and the fastest growth is leasing business.

Bo Rui spread previously said in the media, the acquisition of Roaming Valley, will increase its revenue in the game.

In the past a period of time, Bo Rui spread by virtue of asset acquisition, in the hands of the big hot when the market has been hype. July 12, July 25, its two tiger list, July 24 reached the highest share price of 25.27 yuan, in July after three trading, August 6 again trading, the stock price maintained in more than 20 yuan.

However, it is precisely because of the capital market for the concept of hand-travel hype "overdraft" too much lead to lack of stamina, in a positive news out of the situation, Bo Rui spread the share price still fall.

August 9 The Mass Media group fell, Bo Rui spread by 4.19%, August 12, the spread of the Bo 2.44%, closed at 21.62 yuan.