Velti Closes Sale of Mobile Marketing Business to GSO Capital Partners
SAN FRANCISCO, Jan. 3, 2014 /PRNewswire/ -- Velti plc announced today that the Company has closed the sale of its mobile marketing business to affiliates of GSO Capital Partners LP ("GSO"), the credit division of Blackstone (NYSE: BX).
The transaction includes the sale of business lines operated by Velti Inc. and Air2Web Inc. in the U.S., Air2Web India, Velti DR Limited and Mobile Interactive Group, Ltd. in the U.K., and Velti Netherlands B.V. in the Netherlands.
As previously announced, the Company is operating its U.S. operations as debtors-in-possession under the protection of the U.S. bankruptcy laws, while the Company's operations in the U.K., Greece, China, Brazil, India, Russia, the United Arab Emirates, and other jurisdictions outside the U.S. are continuing normal business operations.
Upon today's closing of the transaction, the mobile marketing businesses sold to GSO are no longer operating under U.S. bankruptcy protection.
The U.K. business lines included in the sale, including Velti DR Limited and Mobile Interactive Group, Ltd., were sold to GSO through an administration process that was commenced today in London. Those business lines are no longer a part of the U.K. administration process.
The remainder of the Company's business lines, primarily consisting of its Performance Marketing Business Unit operated out of Greece, and with business in Central and Eastern Europe and the Middle East, will continue to operate normally.
For more information about this announcement, please visit www.velti.com. Additionally, the Company has set up a special information hotline at 866-618-4602.
SOURCE Velti plc