UMT United Mobility Technology AG decides to sell UMT PEACHES Mobile GmbH in the course of further development of the UMT platform
The Management Board of UMT United Mobility Technology AG („UMT AG“) today decided to sell all shares in UMT PEACHES Mobile GmbH, Munich. In the first step of this transaction, UMT AG will exercise its option to acquire the remaining shares in UMT PEACHES Mobile GmbH from the minority shareholder and subsequently sell 100% of the sharesin UMT PEACHES Mobile GmbH to MayfairCapital, Gruenwald, as part of a special purpose entity (SPV). Since liabilities of UMT PEACHES Mobile GmbH can be offset in connection with the deconsolidation, the sale leads to a substantial strengthening of the equity base at the level of the UMT Group.
In the course of the further development of the UMT platform, prepaid payment flows and services can in future be processed directly via the mobile payment and loyalty platform of UMT AG, so that the benefits and advantages of maintaining a separate portal are no longer given. UMT AG acquired 51 percent of PEACHES Mobile GmbH in May 2017 as part of a cash and share transaction with UMT shares. The focus of this transaction was primarily on prelado, one of the leading Internet portals for digital prepaid mobile communications and gift vouchers in Germany.
In the past, the cooperation with the minority shareholder of UMT PEACHES Mobile GmbH was challenging and even led to conflicts with UMT PEACHES Mobile GmbH and between its shareholders, which were not conducive to the operating business. This has prompted UMT AG to exercise its option to acquire the remaining shares and to sell UMT PEACHES Mobile GmbH in its entirety to MayfairCapital. Erik Nagel, CIO of UMT AG, will temporarily take over the business of MayfairCapital to ensure the smooth transition and migration of the portal prelado. The parties have agreed not to disclose the purchase price.
“With a view to 2018 as a whole and against the background of the measures initiated to sustainably strengthen the equity base on a, the Management Board of UMT AG can once again confirm the positive outlook for the 2018 financial year,” said Dr. Albert Wahl, CEO of UMT AG.