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Buongiorno S.p.A. Announces the Acquisition of Dada.net for EUR28.5 Million, Plus a Possible Earn-out for a Maximum of EUR2.5 Million

Poster: SySAdmin
Posted on April 19, 2011 at 3:35:01 AM
Buongiorno S.p.A. Announces the Acquisition of Dada.net for EUR28.5 Million, Plus a Possible Earn-out for a Maximum of EUR2.5 Million

MILAN, April 19, 2011/PRNewswire-FirstCall/ --     Buongiorno S.p.A. (FTSE Italia STAR: BNG), a leading
multinational provider of services and solutions for the mobile-connected
life, signed a definitive agreement to purchase 100% of the shares of
Dada.net S.p.A.

    The settlement price for the acquisition of Dada.net S.p.A. is
equivalent to EUR28.5 million, in addition to the consolidated net financial
position of Dada.net S.p.A. at the specified closing date.

    Through this deal, Buongiorno will reinforce its global leadership as a
provider of mobile-connected life solutions, increasing its market share in
the B2C segment in several markets, particularly in North America.

    The transaction is expected to results in around 150 new
employees joining Buongiorno's team, including Massimilano Pellegrini,
Dada.net S.p.A. CEO, who will join Buongiorno's Executive Team. Buongiorno
has undertaken to keep the employment level unchanged for a period of at
least 18 months after the closing date, and draw upon the professional
competencies and expertise of Dada.net's employees.

    The cash price that Buongiorno will pay to Dada.net S.p.A.
will be funded by liquidity and new lines of credit, for which the Company
has already obtained the commitment of the financing banks.

    The transaction is expected to be closed within 90 days
following the signing date.

    Dada.net operates in 16 countries: Italy, the USA, Canada,
Germany, France, Portugal, Australia, Spain, Belgium, Austria, Brazil,
Argentina, Mexico, Hungary, Indonesia, and South Africa.

    The acquisition of Dada.net is fully in line with the
strategic objectives of Buongiorno, aimed at growing the business through
both market share in "traditional" B2C and B2B services, and through new
service development, particularly in the smartphone and App Store sectors.

    Andrea Casalini, CEO of Buongiorno, commented:

    "We are proud to announce the acquisition of Dada.net, which
enables us to strengthen the global leadership of an Italian company in a
sector of great economic and social importance - solutions for the mobile
connected life. The acquisition cements our position as an aggregating
company that has shown its ability to attract the best talents in the market,
also through M&A transactions.

    "Dada.net is an acquisition of great importance, since it is
not only complementary in terms of products and geographical footprint, but
it also brings to Buongiorno the excellent skills of innovative product
primarily in the Internet mobile market, and enables us to win the
competition in a highly challenging environment at a global level. We are
also proud to welcome the professional team of Dada.net and to take
advantage, together with these professionals, of the opportunities offered to
us in this era of the mobile connected life. We believe that this will also
translate to great satisfaction for our shareholders."

    Contact: media.relations@buongiorno.com; Tel. +39-02-582131

Source: Buongiorno Spa

media.relations@buongiorno.com; Tel. +39-02-582131
 
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