Australian mobile firms Mercury Mobility and m.Net Corporation have announced plans for a merger, bringing together their respective focuses on mobile entertainment and mobile advertising.

m.Net CEO Horden Wiltshire will be CEO of the new company, with Mercury Mobility's MD Ben Grootemaat taking up a role as executive director.

"The mobile market is growing very quickly and the merger positions us to take advantage of the rapidly emerging opportunities in the industry," says Wiltshire.

"Combined we have an enviable client list and our two workforces now become part of a larger, stronger organisation."

Shareholders in the new company include the Australian arms of Yahoo and Alcatel-Lucent, along with Telstra Corporation and CVC.

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The deal is dependent on Mercury buying all the shares in m.Net, which means it will require the approval of the latter's minority shareholders.