Docomo bids for Italian mobile content firm

Summary:Japanese mobile communications group to pay up to 224 million euros (US$300 million) for Buongiorno, in move to strengthen overseas businesses.

Japanese mobile communications group NTT Docomo has made a bid for Italian mobile Internet content and apps provider Buongiorno, in a deal worth up to 224 million euros (US$300 million), as part of its move to strengthen its mobile platform businesses overseas.

In a statement Monday, NTT Docomo announced a share tender offer of 2 euros (US$2.60) per share to acquire the whole company. The deal is subject to the Japanese telco securing at least a two-thirds stake. Maruo del Rio, Buongiorno's majority shareholder and chairman with 20 percent of the company's stock, has already agreed to sell his stake to the carrier.

Docomo said the acquisition will combine its "innovative mobile business and services know-how in Japan and other countries with Buongiorno's advanced mobile technologies and extensive global customer base". The acquisition will be made through its Germany-based subsidiary, Docomo Deutschland.

Buongiorno's revenue for last year was 228.6 million euros (US$294.3 million) and it had an operating profit of 7 million euros (US$9 million).

The bid is pending the approval of Italian securities regulator Consob, after which the tender will stay open for 25 days. 

Topics: Mobility

About

Loves caption contests, leisurely strolls along supermarket aisles and watching How It's Made. Ryan has covered finance, politics, tech and sports for TV, radio and print. He is also co-author of best seller "Profit from the Panic". Ryan is an editor at ZDNet's Asia/Singapore office.

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