UK-based mobile banking group Monitise has agreed to acquire US rival Clairmail in a deal worth £109m (US$173m).
Monitise stated that the acquisition consideration would be satisfied through the issue of up to 312,787,144 new ordinary shares, or 26.5%…
UK-based mobile banking group Monitise has agreed to acquire US rival Clairmail in a deal worth £109m (US$173m).
Monitise stated that the acquisition consideration would be satisfied through the issue of up to 312,787,144 new ordinary shares, or 26.5% of the share capital of the enlarged company after completion of the deal.
This would value Clairmail at £109m (US$173m), based on Monitise’s share price of 35p on the London Stock Exchange at the close on Friday.
Monitise’s financial adviser for the deal was Goldman Sachs. Its nominated adviser and broker was Canaccord Genuity.
Clairmail’s CEO Pete Daffern will stay in his position at the head of the Clairmail business within the Monitise Group. Daffern will also join Monitise’s Group Executive Board.
The deal is still conditional on US regulatory and shareholder approvals, but Monitise expects to complete it before the end of the financial year 2012.
Monitise’s CEO Alastair Lukies said: “Combining Monitise and Clairmail substantially accelerates our already strong position in one of the world’s leading banking and payments markets, namely the US.”
