Velti to Sell Mobile Marketing Businesses in US, UK, India to Blackstone's Credit Division

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Velti
VELT
announced today that it has agreed to sell its U.S., U.K., and India mobile marketing businesses and certain of its U.S.-based advertising businesses to affiliates of GSO Capital Partners LP ("GSO"), the credit division of Blackstone
BX
. The current proposed transaction includes the sale of business lines operated by Velti Inc. and Air2Web Inc. in the U.S., Air2Web India, and Velti DR Limited and Mobile Interactive Group, Ltd. in the U.K. "We are pleased to have reached an agreement with GSO, a firm with substantial financial resources that understands the value of Velti's state-of-the-art technology, industry-leading solutions, and global presence," said Velti Chief Executive Officer Alex Moukas. "Both this sale agreement and GSO's recent acquisition of our secured debt demonstrate GSO's commitment to providing the business with the support necessary to grow
See full press release
Posted In: NewsContractsAsset SalesLegalM&AGlobal
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