Softbank Corp. has agreed to acquire a 35% stake in Oak Pacific Interactive, a Chinese operator of Web 2.0 sites like social network Xiaonei.com. The entire deal is valued at $430 million, with Softbank to initially acquire 14% and build up to 35% by the end of next year.
Oak Pacific had previously raised $58 million over two rounds of funding, from Accel Partners, DCM, General Atlantic, Legend Capital and Technology Crossover Ventures.
Oak Pacific Interactive (OPI), the leading provider of Web 2.0 communities in
Xiaonei.com is a full-featured community and social networking destination that provides an immersive experience for its users. Features of the site include multiplayer gaming and wireless value-added services for mobile users. In the college market, Xiaonei.com has a dominating market share. OPI also owns and operates Mop.com, the largest entertainment portal, and Donews.com, one of the leading IT blogging services in
Oak Pacific also announced that Masayoshi Son, President and CEO of SOFTBANK Corp. will join its Board of Directors.
Joseph Chen, Chairman and CEO of Oak Pacific, said, “We are honored to welcome SOFTBANK as an investor and to have Mr. Son join our Board of Directors. SOFTBANK's commitment reinforces our mission to develop world-class, scalable businesses that leverage the tremendous growth potential of consumer internet market
Existing investors of OPI include General Atlantic, DCM, Technology Crossover Ventures, Accel Partners, and Legend Capital.
About Oak Pacific Interactive
Oak Pacific Interactive is a leading next generation internet platform that provides web 2.0 communities, content creation and distribution, and integrated communication. The company has built an array of leading online platforms including xiaonei.com (the dominant social networking site focused on college students and white-collar workers), mop.com (the largest entertainment portal) and donews.com (the leading IT blogging site) through organic growth and acquisition, and a fast growing online game business line including the biggest browser based MMORPG in China. Total registered user base is about 50 million and the daily page views of all the internet assets are as high as 350 million as of early 2008. Oak Pacific is headquartered in
About SOFTBANK Corp.
SOFTBANK GROUP offers its customers a range of services including mobile communications, broadband infrastructure, fixed-line telecommunications, internet culture, e-Commerce, and others.