Aspiro completes sale of Mobile Solutions
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.
Sales 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.
Aspiro reports its interim results for the third quarter on November 10.
This is information that Aspiro AB (publ) is required to disclose under the Securities Exchange and Clearing Operations Act and or the Act on trading in financial instruments. It was released for publication on 12:00 p.m.
For more information, please contact: Kristin Castillo Eldnes, Head of Corporate communication and IR of Aspiro, +47 908 07 389, kristin.eldnes@aspiro.com or Gunnar Sellæg, CEO of Aspiro, +47 901 81 528, gunnar.selleg@aspiro.com.
About Aspiro
Aspiro has unique positioning as the world’s only provider of complete TV and music streaming services for partners that want to put their own branding on the service. Aspiro also provides the music streaming service WiMP directly to consumers on selected markets. Aspiro has over ten years’ experience in mobile technology and retail in northern Europe, and delivers services to partners worldwide like Deutsche Telekom, Telenor, 3, TeliaSonera, the BBC, Entel and Canal Digital. Aspiro is listed on Nasdaq OMX Nordic Exchange Stockholm.
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