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LINK Mobility Signs Term Sheet Regarding Acquisition of SeeMe in Hungary


News provided by

Link Mobility Group ASA

17 Apr, 2018, 07:38 GMT

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OSLO, Norway, April 17, 2018 /PRNewswire/ -- LINK Mobility Group ASA ("LINK"), Europe's leading and one of the fastest growing providers of cloud based mobile messaging and mobile solutions services, has entered into a term sheet regarding the acquisition of the Hungarian mobile messaging company Dream Interactive Ltd. (operating under the name SeeMe "SeeMe")

SeeMe (a service of Dream Interactive Kft.) was established in 2004 and is located in Budapest, Hungary. SeeMe has a strong position in the Hungarian market with direct connetions to all mobile operators and is recognized as the market leader within the SMB market with its web and API based messaging services.

"I am glad to announce that we have taken our first step into the Hungarian market through the acquisition of SeeMe. Hungary is an exciting market for LINK going forward and represents great opportunity for LINK to continue its growth in the Central European Markets. LINK will expand its offering to the Hungarian market with a broad range of state of the art mobile messaging and solutions services" says Arild E. Hustad, CEO of LINK.

"We are happy to join forces with Link Mobility as the messaging market is maturing and consolidating, but on the other side has a great potential for further growth. As technologies advance, B2C messaging will see a lot of new solutions for better user experience in the coming years for which Link's consolidated approach makes great sense." says Andras Pfaff, CEO of Dream Interactive Ltd.

The agreed enterprise value of the transaction is EUR 2 million, on a cash-free and debt-free basis and assuming a normalized level of working capital. The enterprise value is based on an adjusted EBITDA of EUR 0,327 multiplied by a factor of 6.

The purchase price under the transaction will, subject to customary adjustments, expected to be settled as follows:

- 1/3 of the purchase price in cash upon closing,

- 1/3 of the purchase price as sellers' credit to be paid no later than 24 months from closing. Interest of 4.75% per annum is to be paid in quarterly arrears, and

- 1/3 of the purchase price of shares in LINK valued at the share price at the Oslo Stock Exchange today.

LINK intends to acquire all shares in Dream Interactive Ltd from the sellers Andras Pfaff and Pal Simon and the acquisition is conditional upon a satisfactory result of a due diligence process to be performed by LINK, and upon LINK and the seller agreeing on the terms and conditions of a final share purchase agreement for the consummation of the transaction, containing, inter alia, customary closing conditions. The acquisition is furthermore subject to approval of the Board of Directors of LINK.

The transaction is expected to close on or about 30 of May 2018.

For further information, please contact:
Arild Hustad,
CEO
LINK Mobility Group ASA
arild.hustad@linkmobility.com
Mob: +47-95-24-19-30

This information was brought to you by Cision http://news.cision.com

http://news.cision.com/link-mobility-group-asa/r/link-mobility-signs-term-sheet-regarding-acquisition-of-seeme-in-hungary,c2496678

The following files are available for download:

http://mb.cision.com/Main/8551/2496678/823381.pdf

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http://news.cision.com/link-mobility-group-asa/i/seeme-logo,c2388297

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http://news.cision.com/link-mobility-group-asa/i/link-mobility-logo,c2388298

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