Singtel to divest US unit Amobee for USD239m

26 Jul 2022

Reuters reports that Southeast Asia’s biggest telecoms operator Singtel Group is selling its US-based digital marketing subsidiary Amobee to London-listed Tremor International for USD239 million. Singtel kicked off a strategic review of the unit in 2021 after it booked an impairment charge of USD424.90 million relating to the business. With the review complete, the Singapore carrier is now looking to sharpen its focus on its core businesses by selling off the loss-making unit. ‘We are actively reshaping our portfolio to ensure optimal allocation of resources towards new growth drivers, as well as improve shareholder value,’ Singtel CEO Yuen Kuan Moon said in a statement.

Singtel acquired Amobee in 2012 for USD321 million and expects to realise a net gain of USD197 million when the deal closes – which is expected in September.

Singapore, United States, Singtel Group