October 2 (SeeNews) - Norway’s LINK Mobility Group said on Monday it has completed the acquisition of Bulgarian mobile messaging company Voicecom for 3.82 million euro ($4.5 million) on a cash-free and debt-free basis.
“[…] we are witnessing that the demand for mobile messaging and mobile solutions are increasing rapidly, and we believe that the Bulgarian market will continue to grow strongly,” Arild E. Hustad, CEO of LINK, said in a statement. "Combining LINK and Voicecom’s innovative solutions should enable us to further strengthen our position in the Bulgarian market”.
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Due to LINK’s solid cash position after a strong cash flow from its operations and the successful placement of a 50 million euro bond in February 2016, the cash part of the transaction will be fully financed through LINK’s corporate fund and bond, the Norwegian company said.
Voicecom, established in 2003, is an SMS and value added voice traffic aggregator. It held a market share of around 40% in 2016, LINK noted.
LINK Mobility Group is the largest provider of mobile solutions for businesses in the Nordic market. The company employs around 100 people in Norway, Sweden, Denmark, Latvia and Estonia.
($ = 0.8519 euro)