Buongiorno S.p.A., parent company of the BLINKO wireless services "add-ons" brand, has announced its acquisition of iTouch Ventures Limited, a distributor of mobile entertainment products and
services.
Buongiorno will pay 141 million Euros for the South Africa-based iTouch in a cash and stock options deal which will exchange new Buongiorno shares for iTouch shares. After the deal
closes, the Italian company will disclose full financial details on the transaction's impact with respect to its operational and income targets for the near and long term. The deal creates a
global wireless entertainment products and services entity with some 1100 employees and access to more than a billion users in the U.S., Europe, South America and Africa.
"The joint entity
will be the pre-eminent player in the sector globally, leading the way in the 3G revolution," commented Wayne Pitout, chief executive officer and co-founder of iTouch.
Pending closing, Pitout
will be in charge of M&A activities as executive director on the Buongiorno Executive Board.
"We are looking forward to the integration of the two groups that will lead to an even better
service for our customers, even bigger professional opportunities for our people and even more exciting perspectives for our shareholders", commented Andrea Casalini, Chief Executive Officer of
Buongiorno S.p.A..