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NTT Docomo has tabelled a €224 million ($287 million, 24 billon yen) bid for Milan-based Buongiorno, which began in 1995 and has built up through acquisitions to offer mobile games, music and other services.
The price is 32 times Buongiorno’s €7 million annual operating profit. Buongiorno founder chairman Mauro del Rio (pictured) is selling his 20 percent stake.
Docomo says it wants to grow outside of Asia by adding Buongiorno’s two billion customers in 57 countries. It already invested in Vietnamese mobile content outfit VMG and Germany’s net mobile AG last year.
Buongiorno makes apps and mobile content services for a range of large clients including telcos, operates the Play.me mobile music service, Cashlog mobile payments and online cash gaming under the Winga guise.
The offer price is €2 per share. Buongiorno had been trading around €1.74 and jumped to €1.974 upon the offer news.