Ringtone firm MonsterMob buys Russian Mobicon |
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Published
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Fri, 30 Dec 2005 08:05
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LONDON: Mobile phone content company MonsterMob Group Plc. is buying Russian wireless content provider Mobicon for $27 million.
Lancaster-based MonsterMob, which offers ringtones, games and pictures as mobile downloads and targets the 14-30 age group, said the deal will be financed by a share issue. The five-year-old firm had bought Chinese content company ATOP Century in August this year for about $100 million immediately after its listing on the AIM exchange and raising some $35 million. It had also acquired Denver-based mobile music provider 9 Squared last year. The company has relationships with 35 operators in 18 countries.
Russia, which is considered Europe's largest mobile phone market, with around 100 million users now, is expected to have further growth in the next few years. MonsterMob intends to exploit this situation by having its presence in the country.
Mobicon had sales of around $15 million in the year ended October 2005.
MonsterMob's chief executive Martin Higginson said the company intends to make more acquisitions after a year and it has plans for Malaysia, the Philippines and China.
The deal provides for MonsterMob to initially pay $5 million in cash and another $5 million in new shares in two equal tranches -- first when the deal is closed and the second six months later. Another $5 million worth of loan notes will be issued, which will be settled in three instalments over the two years after completion of the deal. The balance will be paid in new MonsterMob shares to be issued between September 2007 and March 2009 depending on the performance of Mobicon up to December 2007.
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Monstermob enters Chinese mobile market with ATOP Century acquisition 