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SingTel says to buy digital advertisers for $448.6 million

Published on Jun 11, 2014 10:48 AM
A SingTel signage is pictured at their head office in Singapore on May 15, 2014. -- PHOTO: REUTERS

SINGAPORE - A unit of Singtel has acquired two advertising technology firms for US$359 million (S$448.6 million) to strengthen its position as a mobile advertising company.

Amobee paid US$209 million excluding debt for Adconion and US$150 million for Kontera, SingTel said in a statement on Wednesday.

Its war chest comes from the $2 billion that Singtel last year earmarked for investment in the digital business.

Collectively, the acquisitions are SingTel's largest to date. In 2012, it paid US$321 million for Amobee.

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