Sumitomo Listens to Russian Ringtones

Sumitomo Corp — one of Japan’s megaconglomerates with 700 companies operating in 72 countries doing $88.4 billion in turnover — will buy a minority stake in Russian mobile content provider Revcom from its parent company, SPN Digital.
“The conditions of the deal between SPN and Sumitomo are known: Japanese investors are acquiring a minority share in Revcom’s charter capital from the media group. “Revcom’s business is valued at $20 million,” Sumitomo’s Moscow office noted. “Consequently, the cost of the stake in Revcom will be less than $10 million.” Exactly what stake in Revcom the Japanese are buying has still not been specified.”
The deal is touted as the largest deal in the Russian mobile content market and the first time an international investor has expressed interest in Russian mobile content companies.
Related stories:
Russian Mobile Networks Seek Extras
Russian Mobile Content Market To Grow
Russian Web/Mobile Firm Goes Public

Comments have been disabled for this post