Focus Media, a leading lifestyle digital media network in China, announced a key merger on Thursday.

The former Nasdaq-listed company said in a statement that it had completed a merger with Giovanna Acquisition Ltd, a wholly subsidiary of Giovanna Parent Ltd. As a result of the merger, Focus Media will become a wholly-owned subsidiary of Parent.

Shareholders will receive $27.50 per American Depositary Share (each representing five shares) of Focus Media.