Buongiorno finalizes the sale of the Group's
Austrian subsidiary sms.at for approximately 5 million Euro
(1).
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.
Net Financial Position (2) will improve by about 5
million Euro.
Milan, April 17, 2012 - Buongiorno S.p.A. (FTSE Italy
STAR: BNG), global leader in paid content for mobile devices,
finalized today the sale of "sms.at", announced
February 29.
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.
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)
Buongiorno S.p.A.'s Net Financial Position (2) will
improve by 5 million Euro and the Group will receive:
- 2 million Euro today;
- 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.
Brandl & Talos acted as legal counsel to Buongiorno in
the transaction.
***
About Buongiorno S.p.A.
Buongiorno 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' experience and
a team of 800 professionals, Buongiorno makes the mobile
internet experience happen. In 2011, Buongiorno refocused its
business on the B2C sector, 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 (FTSE
Italy STAR: BNG).
For more information about Buongiorno, please visit the
website: www.buongiorno.com or contact:
Emily Rose Catalano
Investor Relations
Tel. +39 02 582131
emily.catalano@buongiorno.com
Now! Pr
Daniele Comboni / Mattia Zanetti
Tel. +39 02 881290334
danielec@nowpr.it; mattiaz@nowpr.it
(1) Includes the adjustment for the Net Current
Assets
(2) The Net Financial Position post-deal will include
the deferred payments from the NewCo
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