Matomy Media Edges Closer To Team Internet Disposal

(Alliance News) - Shares in Matomy Media Group Ltd rose on Friday as it said it is discussing terms with a company interested in buying its stake in technology firm Team Internet AG.

Matomy's stock was trading 16% higher at 2.65 pence each in London on Friday morning.

The advertising technology provider, which owns a 90% stake in Team Internet, said it has signed a "non-binding letter of intent" with an unnamed interested party.

Matomy added that the initial due diligence phase has begun but advised that there is no guarantee that the disposal will take place.

Earlier in September, the company said it entered discussions with a potential buyer for its 90% stake in Team Internet as well as the remaining 10% stake in the firm held by Rainmaker Investments GmbH.

Rainmaker had previously pulled out of discussions to take sole ownership of the company, Matomy said in August.