Aspiro completes sale of Mobile SolutionsFriday, 14 October 2011
Aspiro has today completed the sale of the business area Mobile Solutions to LINK Mobility AS, after the deadline for the competition authority's intervention expired yesterday. LINK Mobility takes over Mobile Solutions in the Nordic and Baltic countries for a purchase price of NOK 20 million.
About 15 employees in Norway and the Baltics will be transferred to LINK Mobility and integration of the two organizations begins now. The purchase price is paid by NOK 7.5 million at closing, NOK 7.5 NOK million, adjusted for any guarantees after nine months, and the remaining NOK 5 NOK million is paid off quarterly as a share of the buyer's operating results
AdvertisementSales in the Mobile Solutions business area in 2010 was SEK 131.2 million. The result after direct expenses amounted to SEK 28.6 million and EBITDA amounted to SEK -15.9 million. During the first half of 2011 sales in Mobile Solutions were SEK 50.3 million, profit after direct expenses amounted to SEK 17.1 million and EBITDA to SEK -0.4 million.
The divestment frees up resources for Aspiro's fast growing music service WiMP and TV- and video streaming, where the company has high growth targets.
Aspiro's business area Music increased sales by over 175 percent in the first half year of 2011, in line with the target for the year. The company's music streaming service passed 300,000 paying users in June. This represented a threefold increase compared to January. Aspiro's music service is available in four countries, Norway, Sweden, Denmark and Portugal and Aspiro has signed a letter of intent to launch in Ireland. Aspiro TV's goal is to reach at least 10 percent growth in 2011 compared to 2010. Aspiro is negotiating with new partners in both music and television and is planning further new launches in 2011.
Based on press release
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