Cost of the acquisition is not exceeding USD 15 million in two or more tranches including an earn out portion.
Share price of OnMobile Global advanced 17 percent intraday Friday as company's subsidiary entered into an agreement for acquisition of 100% shares of Appland AB.
The company's subsidiary OnMobile Europe BV entered into an agreement for acquisition of 100 percent shares of Appland AB.
The objects of the said acquisition is to expand business operations of OnMobile group into Mobile games subscription market.
Cost of the acquisition is not exceeding USD 15 million in two or more tranches including an earn out portion.
"The combination of OnMobile and Appland will provide immediate business value and innovation to our customers,” said François-Charles Sirois, Chairman & CEO of OnMobile.
At 11:35 hrs OnMobile Global was quoting at Rs 35.60, up Rs 3.50, or 10.90 percent on the BSE.
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