Southeast Asia’s largest telco Singapore Telecommunications (Singtel) has announced a deal to sell its digital marketing business Amobee to San Francisco-based adtech company Tremor International.
Singtel is selling the loss-making unit for US$239 million after it suffered an impairment charge of US$424.90 million. This, along with losses in cyber-security business Trustwave, led the operator to undertake a full review of its digital businesses.
Singtel acquired Amobee for US$321 million in 2012, with the business reporting recently reporting negative core earnings.
Singtel CEO Yuen Kuan Moon said: “We are actively reshaping our portfolio to ensure optimal allocation of resources towards new growth drivers, as well as improve shareholder value.”
Tremor meanwhile will fund the purchase with existing cash resources and a new US$100 million debt facility, with the deal…
