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Mnet to sell subsidiary to RealNetworks
- — 02 May, 2011 10:54
Mobile solutions developer, Mnet Group (ASX:MNZ), has arranged to sell its subsidiary, Ring Back Tones Australia, for up to $3.6 million.
Mnet said it had agreed to sell the unit, which develops personalised caller tone services, to RealNetworks.
The purchase price will be at least $1.6 million in cash, with extra cash payments of up to $2 million depending on the achievement of certain milestones.
The Ring Back Tones business currently accounts for around 14% of Mnet's total annual revenues. The company expects the sale to have a positive effect on group earnings for FY11.
The decision to divest was made under Mnet's strategy of concentrating on the high-growth segments of the business, the company said.
Mnet also said it would “continue to support RealNetworks in the provision of the services to Real's clients.” The two companies have had an eight-year business relationship.
MNZ shares stayed flat on Friday at $0.009.