SINGAPORE, June 11 Singapore Telecommunications
Ltd said on Wednesday it plans to buy two U.S.-based
advertising companies for a total of $359 million to strengthen
its digital marketing profile.
Amobee Group Pte Ltd, a wholly-owned subsidiary of SingTel,
plans to acquire the entire stake of Adconion Direct North
America and Adconion Australia for $209 million, excluding debt
and subject to working capital adjustments.
SingTel also plans to take over Kontera Technologies, Inc.,
a digital content intelligence and marketing technology company
based in the United States, for about $150 million, subject to
working capital adjustments.
The largest telecommunications operator in Southeast Asia
will also provide up to $20 million and $5.8 million
respectively, to each company to retain key staff.
The transactions are subject to fulfilments of certain
conditions, SingTel said in a statement.
(Reporting by Rujun Shen; Editing by Subhranshu Sahu)