News blog
Teleunit
- BY: Andrew Hore |
- POSTED: 22/09/2008 |
Italy-based Teleunit’s mobile content and services business is buying a Spanish rival.
Neomobile is acquiring ArenaMobile for €2m in cash, with up to €1m more payable at the end of 2009 depending on performance.
Spain-based ArenaMobile lost €1m after tax on revenues of €3m in 2007. It also has operations in the US, China, France, UK, Portugal, Morocco, Brazil, Mexico, Bangladesh, Singapore and India. That will give Neomobile a more geographically diversified business as well as providing it with additional content.
Neomobile had a strong first half and Teleunit was going to sell 32% of the business to a bank-owned venture capital firm and the mobile content company’s own management.
Teleunit was going to receive €11m in cash and a loan of €12m in return for selling the stake in Neomobile. This was announced three months ago but Teleunit said recently that it was still in talks with its banks over a €13m loan (the €12m loan that is part of the transaction plus another €1m for expenses). The transaction also requires regulatory approval.
The Teleunit share price dipped 0.125p to 2.5p, which values the telecoms company at £4.65m.
Teleunit will publish interim results on 30 September.
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