Buongiorno buys rival mobile iTouch

by: admin Tuesday, July 3rd, 2007

Rating: home at last?

Italy’s Buongiorno announced it is buying rival mobile content firm, iTouch for EUR 141m (USD 191m). iTouch de-listed from the London Stock Exchange and is currently privately owned after a management buy-out in February.

Investors in iTouch include Oak Investment Partners with 40% of the ordinary shares and Goldman Sachs with 20%, as well as the management team. These investors will become shareholders in Buongiorno after the purchase goes through.

“The acquisition of iTouch is another hugely important step in Buongiorno’s strategy to build a global oganisation The two companies together have…a strong presence in many markets including the US, the UK, France, Spain, Italy, South Africa, Australia, Benelux, Mexico and Brazil,” comments Mauro Del Rio, founder and chair of Buongiorno.

iTouch markets its products directly to consumers through its own brands and also through relationships with media partners and mobile network operators.

Perhaps finally iTouch will have found a proper home instead of being treated as a high-return investment football.