OnMobile Global Ltd. has executed a binding share purchase agreement (SPA) with New Jersey-based Synchronoss Technologies Inc., a player in synchronization technology products, for OnMobile's divestment of Voxmobili SA.
OnMobile executed a non-binding memorandum of understanding (MoU) on April 9 for the potential divestment of its group company, Voxmobili, which specializes in mobile telecommunication products.
The proposed deal will be subject to and contingent upon certain events, including applicable regulatory and shareholders' approvals.
Upon consummation of the deal, OnMobile will realize an amount of $26 million (which is Voxmobili;s book value), subject to escrows and other conditions customarily contracted as a part of such a deal.
At the BSE, OnMobile Global shares are currently trading at Rs.35.10, down 0.85 percent from the previous close.
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