Business 24 April 2018Dennis Wafula
Razer bets on virtual currency with $61M MOL Global takeover
Gaming hardware company Razer has announced its intention to take over Malaysian e-payments firm MOL Global in a bid to create one of world’s largest virtual credits platform for gamers.
Hong Kong-listed Razer said it’s planning to buy 65.1% of MOL Global’s shares for a cash consideration of HK$480 million (US$61 million). Razer also bought 34.9% of MOL Global shares for $20 million in June.
The proposed merger will provide Razer with a massive network of content, customers, and partners that MOL Global has built over the 17 years of operations. Currently, MOL Global has over 1 million distribution networks that are located in 11 countries across the world. They also have mobile payment channels, electronic distribution channels, and online banking from more than 100 banks.
Razer is waiting for the shareholders of MOL Global to approve the merger in order to get the remaining 65.1%. They have undertaken efforts to get major shareholders to vote in their favor in order to acquire the company.
Razer recently launched its own alternative app store stream that allows gamers to use their zVault digital wallet and the zGold rewards programs last month. Using this platform, gamers can earn zSilver currency when playing their favorite games. Razer also launched software called Razer cortex that gives gamers a wide array of PC performance tools.
The merger, upon completion, will combine Razer’s zGold virtual credits business and the MOL Global’s MOLPoints virtual credit business. Through the platform, gamers and media Companies will be able to make more money on their games and contents.
Razor also plans to seize the market potential in Southeast Asia by utilizing MOL Global network connection in the area. Southeast Asia is among the fastest growing regions in terms of GDP. By merging with MOL Global, Razor will have a chance to utilize this potential to its advantage.
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