Mergers and Acquistions News
Categories: Telecoms
September 24th 2009, 16:19PM
Global mobile phone operator DeFi Mobile has announced that it has received shareholder approval for its proposed merger with London-based investment firm Lion Capital Holdings.
Additionally, the majority shareholder of Lion Capital has agreed to endorse the deal on the condition that the merger agreement is converted into a stock-for-stock exchange.
Under the terms of the merger, DeFi Mobile will become a subsidiary of Lion Capital, keeping its management team intact to run the combined company.
"With the resources and support that come with this combination, DeFi expects to have a greater ability to explore untapped categories that should greatly benefit from our technologies," commented Jess Rice, chief executive officer of DeFi Mobile.
DeFi Mobile operates the DeFi Global Network, which provides worldwide mobile phone and mobile broadband access to customers and businesses, offering a single device capable of using both Wi-Fi and traditional mobile services.
In 2008 it expanded its partnership with Nokia, gaining early access to the firm's technology and specialised services.
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