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iTouch Buys Jippi Mobile Entertainment for $37 Million
/ July 21, 2004 8:53 am

Dublin — iTouch, a U.K.-based mobile services group, said on Wednesday that it would buy Jippii Mobile Entertainment, a unit of Finland-based telecommunications provider Saunalahti Group, for more than $37 million. Under the terms of the acquisition, iTouch will pay 5 million euro in cash and 7 million euro in iTouch shares. The remainder, which is dependent on Jiippi's financial performance, will also be paid in shares, iTouch said. iTouch said deal would give it access to new markets in Belgium, Finland, the Netherlands, Norway, Sweden and Russia.

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