PacificNet Inc. has entered an agreement to acquire a (51%) controlling interest in Hitching International Corp., an infomercial and call center services firm located in China. A $10.2 million price tag has been set, subject to HIC meeting certain financial targets.

The purchase price is based on achievement of quarterly earn-out targets. HIC has guaranteed to generate $4 million in annual profits. The terms include a 35% cash payment and roughly 825,000 restricted shares of stock, which may be adjusted if profit targets are not met.

Upon completion of the acquisition, the combined firm with more than 2,000 employees would be one of the largest firms of its kind in China. HIC provides services for financial advisory firms in China.

“This strategic acquisition is a compelling move by PacificNet to capture part of the rapidly growing DRTV telemarketing services market in China,” said Victor Tong, president of PacificNet, in a statement.

PacificNet maintains headquarters in Minneapolis and Hong Kong.

PacificNet Inc. has entered an agreement to acquire a (51%) controlling interest in Hitching International Corp., an infomercial and call center services firm located in China. A $10.2 million price tag has been set, subject to HIC meeting certain financial targets.

The purchase price is based on achievement of quarterly earn-out targets. HIC has guaranteed to generate $4 million in annual profits. The terms include a 35% cash payment and roughly 825,000 restricted shares of stock, which may be adjusted if profit targets are not met.

Upon completion of the acquisition, the combined firm with more than 2,000 employees would be one of the largest firms of its kind in China. HIC provides services for financial advisory firms in China.

“This strategic acquisition is a compelling move by PacificNet to capture part of the rapidly growing DRTV telemarketing services market in China,” said Victor Tong, president of PacificNet, in a statement.

PacificNet maintains headquarters in Minneapolis and Hong Kong.