Singtel to divest Amobee for US$239m, expects to net US$197m

SINGTEL is divesting Amobee to the UK’s Tremor International for an enterprise valuation of US$239 million, above the US media and advertising subsidiary’s carrying value of US$160 million.

The transaction, which excludes Amobee’s e-mail solutions business, will realise some US$197 million in net proceeds and is expected to complete by September this year.

In a bourse filing on Tuesday, Singtel said the transaction is in line with the group’s strategic reset to sharpen its business focus and recycle assets and capital into growth areas with higher returns.