RealNetworks announces plans to acquire WiderThan Co. Ltd.

Software Company RealNetworks Inc. has announced that they are planning to acquire South Korea-based mobile music services provider WiderThan Co. Ltd.

The deal is worth around $350 million. The news itself helped WiderThan at the stock exchange as its stock price went up by around 20 percent to $16.85 in after-hours trade.

The deal is expected to be complete in the first quarter of next year. Real said in a statement that they believe that this deal is likely to add to earnings in 2007 before acquisition-related charges.

They plan to keep the brand name intact after the acquisition and would be operating it as a wholly owned subsidiary. The workforce is also expected to remain as it is now.