LINK Mobility - Closing of Message Broadcast divestment
Reference is made to the announcement by LINK Mobility (LINK) on 7 November 2023 regarding the divestment of Message Broadcast. LINK has today closed the transaction in accordance with previous communication and completed the divestment.
Message Broadcast was divested at an enterprise value of USD 260 million, including an earnout of up to USD 30 million. The purchase price payable at closing was USD 214,6 million in cash after customary closing adjustments related to customer prepayments on long-term contracts and a USD 10 million seller note with a cash interest of 5% p.a. maturing in the summer of 2025. In addition, LINK is entitled to up to USD 30 million in a cash earnout based on Message Broadcast's 2024 performance. The earnout is linear from USD 7.5 million and increasing with revenue growth. The starting point reflects modest growth expectations, whilst the end point requires growth in-line with historic performance for Message Broadcast.
AGP Advokater (Norway) and Paul Hastings LLP (US) acted as legal advisors to LINK in connection with the transaction.
For further information, please contact
Tom Rogn, VP Investor Relations
+47 94 85 56 59
tom.rogn@linkmobility.com
About LINK Mobility
LINK is an award-winning, leading global provider of mobile messaging and communications platform as a service (CPaaS) solutions for increased engagement. The company serves enterprise, SME and government customers. LINK offers a wide range of innovative and scalable mobile solutions, creating valuable digital convergence between businesses and customers, governments and citizens, platforms and users. LINK has 50 thousand active customer accounts globally and exchanges 17 billion messages a year. LINK is listed on the Oslo Stock Exchange under the ticker LINK. For more information about LINK, please see www.linkmobility.com and follow LINK Mobility on LinkedIn.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.