News blog
Teleunit
- BY: Andrew Hore |
- POSTED: 07/10/2008 |
Italy-based telecoms company Teleunit has sold a 15.87% stake in its mobile content business for €10m.
The original plan was that Teleunit was going to sell 32% of Neomobile to a bank-owned venture capital firm and the mobile content company’s own management. Teleunit would receive €11m in cash and a loan of €12m in return for selling the stake in Neomobile. This was originally announced around three months ago.
Raising the debt proved difficult so the deal was restructured. The management will receive a 12% stake for a contribution of €1m. The new deal values Neomobile at €63m and Teleunit’s 72.13% stake at €45.4m.
At 2.5p a share, Teleunit is valued at £4.65m.
The deal with the bank-owned venture capital firm provides €10m of cash for Teleunit’s balance sheet, which had net debt of €11.3m at the end of June 2008.
Teleunit’s first half loss increased from €388,000 to €3.1m as turnover fell from €45.4m to €27m. The net asset value is €9.8m.
Neomobile made by far the biggest contribution to the figures.
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