1st Oct 2018 16:59
LONDON (Alliance News) - Artilium PLC on Monday said Pareteum Corp's share and cash offer for the company has been sanctioned and delivered to the registrar of companies, making it immediately effective.
Pareteum is to give each of the telecom software company's shareholders 1.9 pence in cash and 0.1016 new Pareteum shares for every Artilium share, a deal which values Artilium a GBP78 million.
One the acquisition is complete, Pareteum stockholders will hold approximately 58% of Pareteum's enlarged issued share capital, while Artiluim shareholders will hold 43%.
Pareteum is a US business that provides software as a service to communications companies and businesses.
Artilium shares were suspended on Monday, having last traded at 22.80 pence.