Singapore Telecom, which has 434 million subscribers across Asia and Africa, has reached an agreement to buy California-based Amobee, a premium provider of mobile advertising solutions to operators, publishers and advertisers globally.
SingTel said it would pay $321 million for the acquisition of Amobee, which would complement existing advanced geo-localisation capabilities.
SingTel would also operate under a new organisational structure from April 1 comprising three groups - consumer, digital services and information and communications technology, according to an announcement filed with the Singapore Exchange.
Allen Lew, CEO of its newly-formed Group Digital Life, said: "The mobile advertising market is nascent and has significant potential for mobile operators who are able to provide differentiated solutions across smart phones and feature phones, giving brands a better return on their marketing spend.
"We want to capture that growth in developed and emerging markets, starting with this acquisition. SingTel bring better value to customers as they are in control of the promotional message they receive."
The acquisition, subject to regulatory requirements, is expected to be done before June.
Amobee has offices in the United States, Europe, Asia and Latin America.
