buys another UK business

Mobile social network will pay $2.7m to buy a second UK business, as part of a plan to bolster its European presence

Mobile social networking platform developer (ASX:MKB) has arranged to acquire a UK-based mobile content business for $2.7 million in cash and stock. said the business, which it did not name, has annual revenue of around $14 million. It has operations in regions including Europe and South Africa.

The business is currently owned by a holding company, which is itself majority-owned by a US hedge fund.

As part of the proposed transaction, this hedge fund would become a substantial shareholder.

The UK is an important market for, with the company having deals to provide its platform in place with major mobile operators Orange UK (which is now a brand of joint venture Everything Everywhere), Telefonica's O2 and Virgin Media UK. in March also announced the acquisition of UK-based mobile video community site EyeVibe.

CEO Ian Rodwell said the acquisitions will in tandem allow the company to “establish a European hub for MOKO's operations, and enable us to further expand on our product portfolio and carrier relationships.”

MKB shares have been trading at $0.066 since late last month.

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Tags businessmobilitysocial networkingacquisitionMOKO.mobimobile social networking

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