Perfect World has signed an agreement to acquire a Japanese game operator for US$21 million, the latest move in its plan to expand overseas, the Beijing-based game developer and operator said yesterday.

Nasdaq-listed Perfect World plans to acquire a 100 percent stake in C&C Media Co, a Japanese online game operator, from Japan-based game designer and publisher ATLUS Co. C&C Media will become a wholly owned subsidiary of Perfect World after the transaction completes.

"This strategic acquisition will help us further penetrate into the Japanese online game market to capture the growth opportunities there and allow us to effectively expand our overseas operating capabilities," Michael Chi, chairman and chief executive of Perfect World, said in a statement on the company's Website.

Chinese game developers are seeking overseas opportunities as the local industry strengthens and matures, industry insiders said.

China's game exports reached US$150 million in 2009, an increase of 53.9 percent on year. But it still lagged behind South Korea's US$1.5 billion annual export figure, according to the General Administration of Press and Publication.

In January, Shanghai-based Shanda announced it would acquire US-based Mochi Media, which distributes Webpage games and has 140 million users globally, for US$80 million.