NQ Mobile Inc. (NYSE: NQ) said it has entered into legally binding share purchase agreements, which provide for the sale of all of NQ Mobile´s interest in the NationSky business, including the entire interest in Beijing NationSky Network Technology Co., Ltd., to Hou Shuli, a founder and senior management member of Beijing NationSky, for an aggregate consideration of USD80 million cash.
The NationSky business provides device agnostic managed mobile services, mobile device management services and other mobile SaaS offerings to enterprises.
The company´s board of directors and audit committee approved the NationSky Agreements and the NationSky Divestment. Pursuant to the NationSky Agreements, approximately USUSD16 million of the total purchase price shall be delivered to the company within ten business days of the NationSky Agreements, and approximately USUSD48 million shall be paid to the company by September 30, 2015, while the remaining USUSD16 million shall be paid by December 31, 2015.
The NationSky Divestment is expected to close within 60 days.
NQ Mobile is a leading global provider of consumer and enterprise mobile Internet services. NQ Mobile´s portfolio of offerings includes mobile security and productivity, mobile search, mobile games & advertising applications for the consumer market and consulting, mobile platforms, and mobility management services for the enterprise market. NQ Mobile maintains dual headquarters in Dallas, Texas, USA and Beijing, China.