Twistbox owner moves into Europe with D2C acquisition, raises $4.5 million in funding.
Mandalay Media has completion of the acquisition of AMV Holding Limited, a European direct-to-consumer mobile content provider (Bling, Phonebar and GameZone).The deal is worth $10.75 million in cash plus a promissory note and an aggregate of 4.5 million Mandalay shares at $2.67 per share.
Mandalay has also secured $4.5 million in new funding.
AMV will be integrated with Mandalay Media’s mobile subsidiary Twistbox Entertainment, with the combined unit employing 200 people in the US, UK, Germany, Poland, Russia, Mexico and Brazil.
For the six months ending March 31st, 2009, combined revenues are expected to be in excess of $30 million, with EBITDA (excluding stock option expense) of approximately $4 million.
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AMV’s UK offices will serve as the Mandalay's European mobile headquarters.
Bruce Stein, CEO of Mandalay Media, said: “The acquisition of AMV allows us to almost triple our monthly mobile revenue while gaining the scale and profitability to be a worldwide force in the expansive mobile content arena.
"Mobile is the first of several digital media businesses that Mandalay plans to build. The combination of Twistbox and AMV is a great example of what our team and platform is capable of creating in just eight months.”
