(Alliance News) - Mobile Streams PLC on Tuesday said it will be expanding its publishing, betting and media ownership operations in Mexico through the acquisition of Capital Media Sports SA.
The London-based mobile content provider said its subsidiary Mobile Streams of Mexico, S de RI will buy a 10% interest in Capital Media Sports for MXN 5 million, or around GBP228,000.
In order to fund the investment, Mobile Streams said it will attempt to raise GBP675,000 at 0.07 pence through the issue of 964,285,714 shares.
Mobile Streams said it intends to create "one of the largest sports media groups in Mexico" by partnering with Capital Media, as well as the co-owner of the Necaxa football club, the co-owner of Atlante football club, the co-owners of Capital Media and the Neme business family, which owns Alive Sports Entertainment, one of Mexico's biggest sports event businesses.
Mobile Streams added that its Mexican subsidiary will also aim to acquire "a number of sporting publications", which includes Estadio, a major existing heritage sports media publication formerly owned by Capital News.
Chief Executive Officer Mark Epstein said: "We are delighted to announce our expansion into publishing, betting and media ownership. We are partnering with some amazing people and businesses to create one of the largest sports media groups in Mexico.
"This represents an amazing opportunity for MOS to take a leading position in the Mexican market in the build up to the next World Cup. Also, with the growth in the Mexican economy and sports and betting markets, one that should create significant value for all parties involved. We are honoured to be part of this exciting project."
Shares in Mobile Streams rose 3.7% at 0.070 pence each in London on Tuesday morning.
By Sabrina Penty, Alliance News reporter
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Mobile Streams (MOS)