Routesms Solutions FZE acquires 49% stake in Interteleco

Route Mobile announced that its wholly-owned subsidiary Routesms Solutions FZE has signed a SPA for the acquisition of 49% stake of the total outstanding equity share capital along with additional 41% of economic & beneficial interest (including profits, dividends, voting and distributions) of Interteleco.

Interteleco is engaged in the business of modern communication services and integrated services for mobile communication. This acquisition will help establish Route Mobile's direct presence in Kuwait and thus augment its business horizons and integrate its business sectors in Kuwait.

The company's portfolio comprehends solutions in messaging, voice, email, SMS filtering, analytics, and monetization. The company is headquartered in Mumbai, India with a global presence in the Asia Pacific, Middle East, Africa, Europe, and North America.

Rajdipkumar Gupta, Managing Director and Group CEO, Route Mobile Limited, said, “Route Mobile has been a communication enabler in the GCC, and this acquisition further reinforces our commitment in bringing global personalized communication solutions to businesses in the region.”

The cost of the said acquisition is 652,500 Kuwaiti Dinar (KD). The total purchase consideration will be paid out in two parts. First part, equivalent to 20% of the total purchase consideration, will be paid upon signing of the SPA. The second part, equivalent to 80% of the total purchase consideration, will be paid upon fulfilment of all the conditions precedent at the time of closing.

Mr. Hussain Ali Falah Al-Shehry Al-Rashidi, Founder, Interteleco also commented on the development, "It's an exciting time for us, as this new association culminates our efforts in building a strong portfolio catering to businesses in Kuwait."