Xinhua Financial Network, the Hong Kong-based China financial information and media company, has reached an agreement to acquire US-based Market News International, a provider of real-time news and analysis on the fixed income and foreign exchange markets. Financial terms were not disclosed.
Xinhua Finance recently closed a $20 million financing round, led by the Shemano Group and SBI USA. The firm said it would use the funds to develop services and to acquire companies in Hong Kong, Europe and the US.
Fredy Bush, CEO of Xinhua Finance, says: "With Market News International, Xinhua Finance gains a well-established business with a long history of successful operations in both the US and Europe."
The transaction is expected to close in early January 2004.