Myriad completes Synchronica deal
MYRIAD Group has announced that it has landed the necessary level of approvals from Synchronica shareholders to complete its takeover of the firm.
The company, which is headquartered in Zurich but whose chief executive Simon Wilkinson works from its 100-strong office in Didsbury, said its bid had now received acceptances from over 80% of Synchronica shareholders. It is largely an all-paper deal which values Synchronica at £23.85m, but has also involved a cash injection of almost £2m to help Synchronica’s working capital.
The takeover negotiations have been ongoing since November, with an earlier bid valuing the company at just over £20.6m being initially ruled out by Synchronica’s board.
Mr Wilkinson said that combining the two firms “will create a powerhouse in the rapidly growing sector of mobile-social convergence”.
“It will establish a global service organization serving over 100 carriers and 25 OEMs around the world. At a stroke, it increases the addressable base for our award-winning product portfolios to over 1.8 billion subscribers with pre-installation of our products in over 100 million new devices each year.”
The two businesses currently serve customers including: ATT, Verizon, Vodafone, Telefónica, Orange, T-Mobile, América Móvil, NTT Docomo, Softbank and many others.
He added: “I would like to thank our shareholders for their support and collective efforts of Myriad’s staff and its advisors during this process. We look forward to working closely with the Synchronica team as they become part of the Myriad Group.”
