(Reuters) – Singapore Telecommunications said on Tuesday it would sell its loss-making digital marketing arm Amobee to London-listed Tremor International for $239 million in a bid to sharpen its focus on core businesses.
Singtel last year started a strategic review of U.S.-based Amobee after the unit booked an impairment charge of S$589 million ($424.90 million). (https://reut.rs/3z6jgma)
The unit, which Singtel bought in 2012 for $321 million, also reported negative core earnings in the second half due to weaker advertising revenue.
"We are actively reshaping our portfolio to ensure optimal allocation of resources towards new growth drivers, as well as improve shareholder value," Singtel Chief Executive Yuen Kuan Moon said in a statement.
Southeast Asia's largest telecoms firm said net proceeds from the divestment are estimated to be about $197 million after the deal close, which is expected by September.
Digital advertising firm Tremor expects to fund the purchase with existing cash resources and a new $100 million debt facility, it said.
Moelis & Company advised Singtel on the divestment.
($1 = 1.3862 Singapore dollars)
(Reporting by Navya Mittal in Bengaluru; Editing by Devika Syamnath)
Related Quotes
‘Both are insistent that I'm taking money that is morally theirs. There's no changing their mind.’
Many Americans are surprised to see they have not prepared as well as they had hoped for retirement when they finally get ready to call it quits. The bad news is, you’ll probably have to make some realistic assumptions of what your retirement will look like. If you’ve lived primarily paycheck to paycheck in your working years, that may continue to feel the case in your retirement.
If you’re among the hundreds of thousands who get divorced each year, you might wonder whether you’ll be eligible to collect spousal Social Security.
And Biden has set his sights on the top 1%.
Elon Musk is preparing for an almost inevitable showdown with Apple and Alphabet , the parent company of Google. The billionaire CEO of Tesla , who completed the acquisition of Twitter on October 27 at a hefty price of $44 billion, was quick to reshape the platform in his image. To achieve this, the Techno King, who describes himself as a "free speech absolutist", has opted for a lenient content moderation policy.
(Bloomberg) — The bond market is zeroing in on a US recession next year, with traders betting that the longer-term trajectory for interest rates will be down even as the Federal Reserve is still busy raising its policy rate.Most Read from BloombergNext Covid-19 Strain May be More Dangerous, Lab Study ShowsChevron to Resume Venezuela Oil Output as US Eases SanctionsUS Shoppers Kick Off Holiday Season With a Muted Black FridayAt Nantucket Retreat, Biden Family Weighs Run for Second TermTiantian K
As housing prices tumble across the country, institutional investors that had snapped up properties during a pandemic-induced increase in rental rates are now unloading their properties. Nationally, profit margins on median-priced single-family homes and condo sales across the U.S. decreased from 57.6% in the second quarter to 54.6% in the third quarter as home prices declined for the first time in nearly three years, according to ATTOM’s recently released 2022 U.S. Home Sales Report. Meanwhile,
Many preferred issues yield 6% or more and offer investors good dividend security since they are a senior form of equity.
Don’t run out of your savings at the wrong time.
It's always fascinating to observe how Americans are perceived by people from other places — depending on the country and the circumstances, common stereotypes range from unhealthy food to cut-throat capitalism and being a workaholic. "A number of European corporates are already realizing the risks of not operating with companies that are long-term committed to the geographies […] in which they operate," Fabrizio Campelli, a Deutsche Bank board member overseeing corporate and investment banking, told Reuters in an interview. With total assets of $1,476 billion in 2021, Frankfurt-based Deutsche Bank is currently just past the 20 largest banks of the world but far behind American behemoths like JP Morgan Chase and Bank of America as well as French BNP Paribas .
Over the last 10 years his Berkshire Hathaway stock returned 13.6% annualized, just topping the S&P 500.
Whether you're an experienced investor with decades of stock-picking expertise or a brand-new participant in the market, 2022 has been a tough year. The S&P 500 index is down by 16% year-to-date. That's one of the sharpest market drops in decades, exceeded only by truly historic events: the Black Monday crash of 1987, the popping of the dot-com bubble in 2001 and 2002, and the 2008 subprime mortgage meltdown.
Periods of economic weakness put into sharp focus those companies with reliable earnings streams, and in particular, reliable dividend streams.
Shopping malls and retail strip centers have been declining for many years. How many empty spaces did you see in your local mall the last time you visited? Have you seen any new malls or strip centers being constructed recently? Main streets across America have also had vacant storefronts for a long period of time. Because of pandemic lockdowns and the ease of shopping online, the death of brick-and-mortar retail has accelerated. Also, because of recent COVID restrictions, folks have become used
Novavax (NASDAQ: NVAX) investors are looking at a share price decline of more than 90% over the past 12 months, and the shares are now trading close to their 52-week low. Importantly, Gavi has paid Novavax $700 million in the last two years, and its $350 million payment in 2021 accounted for a large fraction of the biotech's $1.1 billion in total revenue for the year.
In this article, we will take a look at the 9 tech stocks recently upgraded by analysts. If you want to see more such stocks on the list, go directly to Analysts are Upgrading These 5 Tech Stocks. It was a mixed Friday on Wall Street, with S&P 500 and Nasdaq Composite closing lower and […]
Save small now to avoid long-term financial ruin.
Interest rates are likely to keep rising. A short-term bond ladder can be a good way to capture higher yields.
Diesel inventories across the globe have fallen to multi-decade lows, and as the Northern Hemisphere cold season begins, different regions in the world will contest each other for supply
Along with a sibling, I own a rental property of more than 40 rooms in the Caribbean, where we do weekly rentals. Is this a good time to go to the bank for a loan for renovation? With the worst days of COVID behind us — I hope — travel is booming and people are going crazy exploring all parts of this planet.
Singtel to offload U.S. digital marketing unit for $239 million – Yahoo Finance
