Mergers and stakes to raise global vision
Print Edition
THE Visual China Group, a leading photo agency in China, plans to merge and buy stakes in global giants such as Getty Images to establish a global presence, the Shenzhen-listed firm said yesterday.
The company, which halted trading yesterday, said in a statement to the Shenzhen Stock Exchange that it is in negotiations with Getty Images regarding a “stake purchase.” Visual China added that it will announce the result of the talks within 10 trading days.
Visual China also said last week that it will acquire Corbis Images, the world’s No. 2 photo agency founded by Microsoft Corp’s Bill Gates, for about US$100 million.
The deals aim to raise Visual China’s presence globally, Wang Jingle, China Merchants Securities’ analyst, said in a note.
Visual China will also expand into tourism by setting up a multi-language national tourism management platform 12301, which allows users to rate sites, attractions and infrastructure facilities.
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