iTouch PLC said Italy-based provider of mobile entertainment Buongiorno SpA will buy the company for 141 mln eur. This includes a payment of 129 mln eur to iTouch shareholders in shares and cash, and assuming debt of 12 mln eur.
The acquisition will be funded through a loan of 115 mln eur from Banca IMI (Intesa Sanpaolo Group).
Post-acquisition, Buongiorno will have a team of more than 1,100 professionals in 20 countries and will deliver services in more than 40 countries.
'The acquisition is Buongiorno's strategy to build a global organisation,' said Mauro Del Rio, founder and chairman of Buongiorno SpA. 'The two companies together have a strong presence in many key markets including the US, the UK, France, Spain, Italy, South Africa, Australia, Benelux, Mexico and Brazil.
'Additionally, Oak Investment Partners, Goldman Sachs (nyse: GS – news – people ) and the iTouch management team will become shareholders in Buongiorno.'
iTouch is involved in the distribution of mobile entertainment products and services. It has offices in 13 countries and distributes its content in 23 countries, with access to over 500 mln mobile users through a flexible multi-channel strategy.
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