Velti receives Court approval of sale of mobile marketing unit to GSO Capital

theflyonthewall.com

Velti (VELT) announced that the company received Court approval of the sale of its mobile marketing business to affiliates of GSO Capital Partners LP, the credit division of Blackstone (BX). The sale is expected to close shortly. The transaction includes the sale of business lines operated by Velti and Air2Web in the U.S., Air2Web India, Velti DR Limited and Mobile Interactive Group, Ltd. in the U.K., and Velti Netherlands B.V. in the Netherlands. All operations included in the sale agreement are continuing as normal throughout the sale process and customers of the acquired businesses can expect to receive best-in-class service and support through the closing and beyond. As previously announced, the company is operating its U.S. operations as debtors-in-possession under the protection of the U.S. bankruptcy laws, while the company's operations in the U.K., Greece, China, Brazil, India, Russia, the United Arab Emirates, and other jurisdictions outside the U.S. are continuing normal business operations. Upon closing of the transaction, the mobile marketing businesses sold to GSO will no longer be operating under U.S. bankruptcy protection.

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