April 22 (Bloomberg) -- Gree Inc., the Japanese operator of social-networking services, agreed to buy California-based online games network OpenFeint Inc. for $104 million in its biggest acquisition to expand in the U.S.
The purchase of OpenFeint, a provider of 5,000 games to smartphone users, will help the Japanese company reach 75 million additional customers, Gree said in a statement today. The Tokyo-based company will use its cash to fund the purchase, Reina Mito, a spokeswoman, said by phone today.
Gree, which has 25 million user accounts, aims to expand its overseas operation by opening offices in Beijing and London, and through partnerships including with China’s Tencent Holdings Ltd., the company said. It’s assessing the impact of the deal, scheduled for completion on April 22, on earnings, according to the statement.
Gree rose 3.2 percent to 1,451 yen as of the 11 a.m. trading break in Tokyo, extending its gain this year to 40 percent.
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