US firm buying over Singapore eDev's HotApps
Buyer to fork out US$700m via shares, bonds for messaging software unit
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AN American company soon to be listed on an over-the-counter bulletin board plans to acquire Singapore eDevelopment's instant messaging software unit HotApps for US$700 million in shares and bonds, the local firm said on Thursday.
The over-the-counter board, akin to a junior exchange, is often considered a jumping board to a Nasdaq listing.
Of the US$700 million, US$10 million will be paid by the US firm, Fragmented Industry Exchange (FIE), through one million new shares of US$10 each, with the remaining US$690 million in zero-coupon perpetual bonds with a conversion price of US$10 each.
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