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TechFaith to Acquire QiGi

TechFaith PR, 8/17/09

Chinese mobile phone solutions provider TechFaith (Nasdaq: CNTF) has signed a non-binding letter of intent to acquire 100% of Beijing-based smartphone manufacturer Qigi Future Technology in a stock-plus-cash transaction valued at USD 12.5 mln, USD 0.5 mln of which is to be paid in cash, the rest of which is to be paid in over 65.93 mln ordinary shares of TechFaith (one publicly traded ADS is equal to 15 ordinary shares). Read More