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HONG KONG, 9 June 2015 - China Mobile Games and Entertainment Group Limited (Nasdaq: CMGE), the largest publisher and a leading developer of mobile games in China, today announced that it has entered into a definitive Agreement and Plan of Merger with Pegasus Investment Holdings Limited (“Parent”) and Pegasus Merger Sub Limited, pursuant to which Parent will acquire CMGE for US$1.5714 per Class A or Class B ordinary share, or US$22.00 per ADS.

The Company's board of directors unanimously approved the Merger Agreement and the Transaction. The Transaction is subject to various closing conditions, including a condition that the Merger Agreement be authorized and approved by an affirmative vote of shareholders representing two-thirds or more of the voting power of the shares present and voting in person or by proxy as a single class. If completed, the Transaction will result in the Company becoming a privately-held company and its ADSs will no longer be listed on the Nasdaq Global Market.

Guantao Law Firm acts as CMGE's PRC legal adviser. The team is headed by partner Ms Grace Pengpeng Yan and Ms Yan Rong.