Mobile Value Added Service (VAS) company OnMobile Global has signed a non-binding agreement to sell its French subsidiary Voxmobili SA. The company, however, did not divulge the name of the buyer.
If the divestment – which is subject to regulatory and shareholder approvals – goes through, OnMobile Global will realise between $23 million and $26 million from the sale.
The proposed divestment is subject to and contingent upon certain events, including applicable regulatory and shareholders’ approvals, the company said in a regulatory filing.
OnMobile had acquired Voxmobili, a company specialising in mobile telecommunication products, in 2007 for $35.12 million.
The acquisition was to expand the company’s operations to the Pacific, Australia, and the US. Voxmobili provided services to Orange, Cingular, Vodafone, and France Telecom.
Shares in OnMobile closed up 6.60 per cent at ₹36.35 on a strong BSE, which itself ended up 1.61 per cent on Wednesday.