This operation further reinforces Buongiorno's B2C-focused strategic direction.
The perimeter of business activity registered revenues and EBITDA in 2011 of 6.8 million Euro (approximately 3% of
Group revenues) and 1.3 million Euro respectively.2
Upon completion of the operation, Buongiorno's Net Financial Position3 will improve by about 5 million Euro.
The closing of the deal is conditional upon consent from Buongiorno's lenders.
Milan, February 29, 2012 - Buongiorno S.p.A. (FTSE Italy STAR: BNG), global leader in paid content for mobile devices, announced today the signing of a binding contract with Martin and Jürgen Pansy for the sale of "sms.at", the Group's Austrian subsidiary, which carries out the core business of mobile marketing and online advertising. The two brothers, Jürgen e Martin Pansy, previously both managers in Buongiorno, will found a new company (NewCo) that will purchase the sms.at business.
The business perimeter of the activity ceded includes two
legal entities: sms.at marketing services GmbH and sms.at
mobile internet services GmbH. The NewCo will guarantee the
continuity of existing services such as mysms.
"Sms.at is a very interesting company that we acquired in
2007 as part of the iTouch Group. Sms.at structured an
internet and mobile community strongly rooted in the Austrian
market, with an articulated business model geared mainly
towards B2B revenues. Due to this specific business model,
sms.at remained a distinctive business throughout the years,
and was not essentially integrated in the organizational
model of Buongiorno. After the two important operations
undertaken last year, the acquisition of Dada.net and the
spin-off of the B2B activity into Lumata, the cession of
sms.at permits us to strengthen further Buongiorno's focus on
the B2C business, and render our offer more homogeneous
across our markets" commented Andrea Casalini, Chief
Executive Officer of Buongiorno S.p.A..
100% of the assets in the perimeter have been valued at
approximately 5 million Euro. In 2011, revenues and
EBITDA
of the two companies were 6.8 million Euro and 1.3 million
Euro respectively.2
At the moment of closing, Buongiorno S.p.A.'s Net Financial
Position3 will improve by 5 million Euro and the
Group will receive:
- 2 million Euro on the date of the closing;
- 350 thousand Euro within three months following the
closing, adjusted by the value of the Net Current Assets of
the two legal entities, calculated on March 31, 2012;
- 2.3 million Euro in three deferred payments during the
three consecutive years after the closing.
The contract foresees the payment of an Additional
Consideration to Buongiorno in case an Exit Event occurs
within
24 months of the closing date. Exit Event is defined by
contract as: an initial public offering of one or both of the
two legal entities included in the perimeter or the signing
of any transaction, including but not limited to a sale, of
one or
both of the companies in the perimeter. The Additional
Consideration will be equal to 25% of the amount by which
the
Exit Valuation exceeds the sum of 10 million Euro.
1 Includes the adjustment for the Net Current Assets
2 2011 figures are subject to revision, as they have not yet been approved by the Board of Directors of Buongiorno S.p.A.
3 The Net Financial Position post-deal will include the deferred payments from the NewCo
The closing of the transaction is conditional upon the approval of the banks involved in the most recent financing of the Buongiorno Group and is expected to close within 45 days of the signing. Brandl & Talos is acting as legal counsel to Buongiorno in the transaction.
Who is BuongiornoBuongiorno is known in the worldwide mobile commerce ecosystem for developing and managing paid apps and contents that help consumers get greater enjoyment from mobile devices.
With direct connections to more than 130 telecom operators in 25 countries, over 10 years of experience and a team of 850 professionals, Buongiorno makes the mobile internet experience happen. In 2011, Buongiorno underwent a refocusing change,
materialized via the acquisition of Dada.net and the spin-off of the majority of its B2B business.
Buongiorno concentrates exclusively on delivering a top notch mobile entertainment experience to end consumers and is investing heavily to market a few high-potential businesses based on paid content on mobile, such as the mobile payments solution Cashlog.com and e-Gaming portal Winga.com.
Buongiorno is headquartered and listed in Milan, Italy.
For more information about Buongiorno, please visit the website : www.buongiorno.com or contact:
Emily Rose Catalano Now! Pr
Investor Relations Daniele Comboni / Mattia Zanetti Tel. +39 02 582131 Tel. +39 02 881290334 emily.catalano@buongiorno.com danielec@nowpr.it ; mattiaz@nowpr.it