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NQ Mobile Says Most Of NationSky Acquisition Made In Cash; Stock Rises

Jennifer Lynn

NQ Mobile Inc (ADR) (NYSE: NQ) regarding the contemplated sale of the Company's NationSky business (the "NationSky Divestment"), stating it now received approximately 80 percent of the overall purchase price in case.

NationSky Founder Hou Shuli commented, "all parties continue to work together to complete this transaction as soon as practicable."

The deal was announced back in August, when NQ's board of directors and audit committee approved the NationSky Agreements and the NationSky Divestment. Pursuant to the NationSky Agreements, approximately $16 million of the total purchase price will be delivered to the Company within ten business days of the NationSky Agreements, and approximately $48 million will be paid to the Company by September 30, 2015, The remaining $16 million will be paid by December 31, 2015.

The company also released to the public a deal to sell the company's subsidiary, FL Mobile mobile gaming unit to "an independent third party" for "no less than" $626 million.

Last Wednesday, NQ Mobile's $40 million deal to sell its Tianya mobile health app business to Tack Fiori International Group Ltd was terminated. The deal was terminated to sell off its mobile health app business.

Shares of NQ Mobile recently traded at $3.69, up 6.6 percent on the day.

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