The shares were purchased by SingTel through its wholly-owned subsidiary SingTel Idea Factory from The Mobile Gamer’s founders. Worth US$1.5 million, it is understood that SingTel has the option to purchase approximately 11.4 million shares (at US$0.087 per share) for an estimated US$0.98 million.
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The announcement, as reported originally by SG Entrepreneurs, also reveals that Japanese telecommunications and Internet firm SoftBank has also acquired shares in The Mobile Gamer. It is unclear how many shares were purchased by SoftBank, although a document detailing the deal later adds that once the acquisition is complete both SingTel and SoftBank will hold a 41 percent stake in the company.
SingTel appears to be on a massive push to try to strengthen its influence on the mobile market. Only last week The Next Web reported how the company had spent US$26.5 million to buy Pixable, a ‘mobile photo inbox app’ with more than 4 million users.
The buyout follows an acquisition worth US$321 milion for advertising firm Amobee and US$9.4 million for HungryGoWhere, as well as a more modest contribution to a funding round by General Mobile worth US$5 million in total.
For an idea of how The Mobile Gamer operates, take a look at this presentation available on their website:
Image Source: yeowatzup
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