Lycos Asia Acquires Myrice.com
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Lycos Asia, joint venture between Terra Lycos and SingTel, today announced its long rumored acquisition of Myrice.com. Lycos Asia has been on a buying spree in the Asia region over the past year acquiring in whole or entering into joint venture agreements with a variety of companies around the Asia region.
Myrice.com, a Chinese language portal - aka chortal - has been consistently ranked as one of Mainland China's most often viewed portals as ranked by both NetValue as well as the China internet Network Information Center (CNNIC). According to a press release faxed by Lycos Asia Myrice.com attracted 500,000 unique users in January of this year.
The move is aimed at strengthening Lycos Asia's Chinese language offerings presumably enabling Lycos Asia to charge higher rates to advertisers.
Although foriegn ownership of Mainland Chinese ICP's is still formerlly prohibited, Myrice.com is owned by Cyber Rapid Development Lts., an invetment holding company of Hong Kong based Myrice.com Holdings Ltd.
Exact terms of the deal, and whether it is a stock swap or outright purchase, have not been announced as of press time. However, a variety of sources are pegging the deal at US$10-12 million.