Why Shares of Seven Stars Cloud Group Jumped Again Today

Shares of Seven Stars Cloud Group (NASDAQ: SSC) soared on Wednesday after the company announced the acquisition of an additional 20% stake in BBD Digital Capital Group. A mention of blockchain in the press release announcing the deal was enough to trigger the rally, adding to Monday's gain. Shares of Seven Stars were up about 34% at 12:20 p.m. EST.

Seven Stars will pay $9.8 million, composed of $2 million in cash and $7.8 million worth of common stock, to Tiger Sports Media Limited for a 20% stake in BBD Digital Capital. Seven Stars already owns 40% of the company, so this deal will make it the majority owner.

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Source: Fool.com