Yahoo's wholly-owned subsidiary Yahoo!Kimo has signed a definitive agreement to acquire WRETCH, a Taiwanese social media content provider of blogs and online photo album services, an AFP report said.
The AFP report said upon completion, the acquisition will combine Yahoo!Kimo's global network of resources with WRETCH's local multi-media content to deliver a superior social media experience to Taiwan consumers.
Subject to satisfaction of closing conditions, the parties expect to complete the acquisition process during the first quarter of 2007, said Yahoo!Kimo.
WRETCH's brand name and services will remain unchanged.
The two companies intend to improve the online photo album and blog services for the 6.5 million users who currently visit WRETCH every month.
Financial terms of the deal were not disclosed, but the Commercial Times reported the transaction is valued at about $22 million.