In a surprisingly announcement Monday morning, Velti confirmed that it has agreed to sell its U.S., U.K., and India mobile marketing businesses and some of its U.S.-based advertising businesses to affiliates of GSO Capital Partners (GSO).
The global provider of mobile marketing and advertising technology says that 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,” reveals 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 and prosper.”
All operations included in the proposed sale agreement will continue as normal throughout the sale process.
The proposed sale is expected to close by the end of 2013.
“Importantly, this process will be virtually invisible to customers, all of whom can continue to rely on Velti to provide premier technology and solutions to support their own businesses,” Moukas added.