Amino Technologies possible acquisition of MobiTV

Amino Technologies plc (LON:AMO), a software-led global media technology company that delivers modern TV experiences, has this morning announced that it has submitted a bid, through a wholly owned subsidiary, to acquire the trade and assets of MobiTV, Inc. and MobiTV Services Corporation, a US live and on-demand TV platform provider.

About MobiTV

MobiTV is USA based and provides a TV-as-a-Service solution that allows operators to fully modernise their PayTV offering to consumers, reduce costs, utilise network bandwidth more efficiently and to enable the future upgrades of new services and features. The MobiTV solution is a white labelled managed service for a full TV platform, including live and on-demand TV content, network PVR functionality and content rights.

The Possible Acquisition would immediately establish a TVaaS infrastructure capability in the USA for Amino, which the Board of Amino estimate would require significant investment over a 6-12 month period to develop organically. The Possible Acquisition would also provide an immediate contribution towards Amino’s strategic financial goals, in particular its focus on increasing annual recurring revenues. The Possible Acquisition, if completed, would be a Substantial Transaction pursuant to AIM Rule 12.

The Acquisition Process

MobiTV is currently in a Chapter 11 bankruptcy process in the USA, pursuant to which Amino submitted a bid for the trade and assets of MobiTV to the United States Bankruptcy Court for the District of Delaware on 7 May 2021. Whether Amino’s bid is successful will be decided by the Court following an auction process to be held on 11 May 2021.

Once the Auction has been completed, a hearing before the Court to request approval of all aspects of the sale to the winning bidder is scheduled for 21 May 2021 at 2.00pm EST (7pm BST). The acquisition of the trade and assets of MobiTV must close by 31 May 2021.

Fundraising

The costs and working capital commitments associated with the Possible Acquisition are to be funded by the Company’s existing cash resources and available credit facilities, supplemented by a placing of new Ordinary Shares in the Company to institutional and other investors commitments for which have been made by certain shareholders and other investors, subject to customary conditions including, inter alia, admission of the new Ordinary Shares to trading on AIM. 

Amino Technologies state further details of the Possible Acquisition and the Placing will be announced once the outcome of the Auction is known.

Click to view all articles for the EPIC:
Or click to view the full company profile:
Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Amino Technologies plc

More articles like this

Amino Technologies plc

Amino Technologies changes name to Aferian plc

Amino Technologies plc (LON:AMO), a software-led global media technology company that delivers modern TV experiences, has announced a change to its company name alongside the commencement of a process to select a new Non-Executive Chairman for the Group.

Amino Technologies plc

Helping Pay TV Operators stay “on the ball”

As Europe is gripped by football fever, 24i’s VP Backend Teams & Customer Support, Kimmo Kangas considers how Pay TV operators can reduce their operational headaches and make the most of their live sports streaming rights without increasing

Amino Technologies plc

What is the value of the STB to the Pay TV subscribers?

Amino Technologies (LON:AMO) is a trusted partner and global provider of innovative, scalable media and entertainment technology solutions. As an IPTV pioneer, working with over 250 operator customers in 100-plus countries, Amino continuously innovates to help customers deliver