Japanese mobile network operator NTT Docomo has bought Italian mobile Internet content and apps provider Buongiorno, in a bid to strengthen its platform businesses overseas.
The Milan-based firm was founded in 1995 and has grown to provide a combination of games, music and other media related services in 57 countries across four different continents.
Buongiorno is said to attract around 2 billion customers across the globe, and will fit into NTT DoCoMo’s plans to expand beyond its base in Asia.
The bid will be kicked off as soon as the buyer obtains the greenlight from the Italian securities regulator Consob and will stay open for acceptance for 25 business days.
The exact calendar of the offer will be announced by Docomo’s unit Docomo Deutschland which will be carrying out the bid.
The offer, valuing Buongiorno at around EUR224m, is subject to securing two thirds of the target’s shares, Docomo said.
Docomo said it sees the combination of its innovative mobile business and services know-how in Japan and abroad with Buongiorno’s advanced mobile technologies and extensive global customer base to expand both companies’ business and ensure future growth prospects.
The deal, which will see Buongiorno becoming a fully-owned unit of Docomo, is also subject to competition clearance.
Buongiorno had 848 employees at the end of last year, when it achieved sales of EUR228.6m and an operating profit if EUR7m.