WIN Buys Pocket Group For Up To $8.77 Million

UK-based Mobile entertainment company WIN Plc has today announced the acquisition of London-based mobile music company Pocket Group for up to 4.5 million pounds (US$8.77 million). Pocket Group will develop and distribute made-for-mobile music and video content and marketing services, and extend WIN’s markets to Ireland, France, Holland and Asia, as well as strengthening ties with Orange and O2. WIN also expects to be able to reduce Pocket Group’s administrative costs.

WIN will pay an initial consideration of 1.037 million pounds (US$2.021 million) in cash on completion and three further payments in March this year, then in 2008 and 2009 which will be based on performance. In the year ended 31 March 2007, Pocket Group’s revenue was 2.2 million pounds, with a pre-tax loss of 3,000 pounds and net assets of 300,000 pounds. (release)

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