(Alliance News) - Mobile applications distribution firm appScatter Group PLC said Monday it intends to return to the AIM market of the London Stock Exchange as Airnow PLC once it has completed its all-share reverse takeover of US peer Airpush Group Inc.
In April, appScatter announced plans to buy privately owned Airpush through the issue of shares to Airpush shareholders at a price of 26.8 pence per share.
appScatter did not specify the value of the acquisition deal, but on Monday said Airpush shareholders will hold a 75% stake in the enlarged company following completion.
Shares in appScatter were cancelled from the AIM market in late October as it worked to complete the Airpush deal. That done, appScatter said on Monday it plans to return to trading on AIM under the new name of Airnow PLC.
"The board is delighted to announce the acquisition of Airpush as it aims to provide an end-to-end [software-as-a-service] platform for the management and monetisation of mobile apps that meets the needs of app owners, developers and publishers," appScatter Chief Executive Officer Philip Marcella said.
"The merger will create a combined multi-service solution, with an effective and accelerated growth model, to penetrate a USD90 billion addressable mobile app market," Marcella added. "It is the intention of the board to relist Airnow PLC on AIM in the near future as the combined company demonstrates its considerable growth potential and delivers value for its shareholders."
By Ahren Lester; ahrenlester@alliancenews.com
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