LINK Mobility Group ASA ("LINK") has entered into a term sheet regarding the acquisition of Italian mobile messaging company SMS Italia Srl ("SMS.it").
SMS.it is one of the leading mobile messaging providers in Italy. Established in 1996, SMS.it was the first in the world to provide mobile Internet services and the first mobile messaging provider on a global scale. Located in Milan, with offices in Bologna, SMS.it is a mobile operator owning an independent mobile network, fixed network, signalling and SS7 interconnection, and has in place interworking agreements with all the Italian mobile operators and the primary MVNOs. SMS.it doubled its revenues every year in last two years.
The agreed enterprise value of the transaction is EUR 8.011 million and is expected to be settled 1/3 in cash upon closing, 1/3 as escrow and 1/3 in shares in LINK.
"I am really happy to announce that we have signed a firm term sheet to acquire SMS.it the first global provider of mobile messaging services all the way back in 1996. This is our second investment in Italy and the fit between Total Connect and SMS.it is very good. We will now have a solid platform to develop and grow LINK in Italy through our strong sales focus and innovation of mobile messaging and solutions services. The Italian market is experiencing strong growth and we really look forward to take a big slice of this growth going forward." says Arild E. Hustad, CEO of LINK.
Aabø-Evensen & Co is acting as legal advisor to LINK Mobility Group ASA.
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