SingTel says to buy digital advertisers for $359 million

SINGAPORE Wed Jun 11, 2014 1:41am BST

People pass a SingTel shop signage outside their head office in Singapore May 15, 2014.  REUTERS/Edgar Su

People pass a SingTel shop signage outside their head office in Singapore May 15, 2014.

Credit: Reuters/Edgar Su

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SINGAPORE (Reuters) - Singapore Telecommunications Ltd (STEL.SI) said on Wednesday it plans to buy two U.S.-based advertising companies for a total of $359 million to strengthen its digital marketing profile.

Amobee Group Pte Ltd, a wholly-owned subsidiary of SingTel, plans to acquire the entire stake of Adconion Direct North America and Adconion Australia for $209 million, excluding debt and subject to working capital adjustments.

SingTel also plans to take over Kontera Technologies, Inc., a digital content intelligence and marketing technology company based in the United States, for about $150 million, subject to working capital adjustments.

The largest telecommunications operator in Southeast Asia will also provide up to $20 million and $5.8 million respectively, to each company to retain key staff.

The transactions are subject to fulfillments of certain conditions, SingTel said in a statement.

(Reporting by Rujun Shen; Editing by Subhranshu Sahu)

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