Glu Mobile, a US mobile-phone game developer, will buy Mig, China's largest mobile game developer and publisher, for US$40 million, the Financial Times reported. Glu will pay US$14.7 million in cash for Mig, with the remainder paid up in cash and stock if Mig hits certain financial targets next year. The Chinese firm's management team will remain intact. Glu's chief executive, Greg Ballard, said the Chinese mobile gaming market would grow significantly because China Mobile has made games a priority and developed a new platform for downloading games to mobile phones. He said Mig would be used to introduce Glu games to the Chinese market. China has about 500 million mobile phone subscribers.