Velti Finds Buyer for Mobile Marketing Business

Velti Finds Buyer for Mobile Marketing BusinessAs MMW reported in November, Velti recently confirmed its plans to sell its U.S., U.K., and India mobile marketing businesses and some of its U.S.-based advertising businesses.

The global provider of mobile marketing and advertising technology says that the current proposed transaction includes the sale of business lines operated by Velti Inc. and Air2Web Inc. in the U.S., Air2Web India, and Velti DR Limited and Mobile Interactive Group, Ltd. in the U.K.

Velti now says that the stalking horse bid submitted by affiliates of GSO Capital Partners LP, the credit division of Blackstone, will be the bid presented to the U.S. Bankruptcy Court for approval of the sale of the Company’s mobile marketing business.

No other qualified bids were received

A hearing to approve the sale to the winning bidder is set for December 20, 2013. The proposed sale is expected to close shortly.

Velti says all operations included in the proposed sale agreement will continue as normal throughout the sale process.