SINGAPORE (Yosefardi) – Singapore Telecommunications Limited (SingTel), through its wholly-owned subsidiary Amobee Group Pte Ltd has entered into a conditional agreement to acquire 100% of the share capital of Adconion Media, Inc. and Adconion Pty Limited.
Adconion is a cross channel digital advertising group with operations primarily in North America and Australia.
The enterprise value of Adconion is US$235 million. The aggregate consideration is approximately US$209 million excluding debt, and is subject to working capital adjustments. The consideration will be paid in cash.
The agreement also provides for up to US$20 million in earn-out and retention benefits for the key employees of Adconion, subject to the achievement of certain key performance indicators.
Based on its unaudited accounts as at 31 March 2014, Adconion had net tangible liabilities of approximately US$79 million.
Amobee, Inc has entered into a conditional agreement to acquire 100% of the share capital of Kontera Technologies, Inc., a digital content intelligence and marketing technology company with offices in the US, UK and Israel.
The enterprise value and consideration of Kontera are approximately US$150 million. Based on unaudited accounts as at 31 March 2014, Kontera had net tangible liability of approximately US$15 million.