Tencent will acquire 100% stake of the private wireless value-added service provider Joymax in an effort to expand its sales channels.

The transaction will be fulfilled in cash, and the first sum of capital will be offered based on the net assets of Joymax, and later sums on its performance in the next two years.

As usual, Tencent has not disclosed the detailed amount of money it will spend on the transaction.

Joymax is a wireless service provider that was opened in January 2003.