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US firm acquires Singapore eDevelopment’s HotApps for $876m
It will be paid in shares and bonds.
SGX Catalist-listed Singapore eDevelopment today revealed that a US-based firm is going to acquire HotApps, its instant messaging software subsidiary.
HotApps will go to Fragmented Industry Exchange Inc. for US$700m. It will be financed with the issuance of 1.0 million new shares at US$10 each (US$10 million) and US$690 million worth of zero-coupon perpetual bonds with a conversion price of US$10 each.
The proposed transaction, upon completion, will result in SeD owning 99.84% of FIE assuming full conversion of the bonds and assuming FIE does not issue any new shares. FIE will in turn hold HotApps as a wholly owned subsidiary.
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