Spice Mobiles to acquire majority stake in JV with CSL
Spice Mobiles to acquire majority stake in JV with CSL B.K. Modi group firm Spice Mobiles is in the process of acquiring 65 per cent equity in a new joint venture (JV) that will own Asian smartphone brand Blueberry, besides the mobile handset and netbook manufacturing units of Malaysia's CSL Mobile, for around $25 million. The deal is structured through cash payment and stock sale. Spice Mobiles will make an initial investment of $10 million for picking up the majority stake in the JV and the Spice Group will transfer 7.5 per cent, or a third of its shareholding in the Singapore Stock Exchange listed MediaRing, to CSL. CSL, a privately held company, will transfer its assets to the JV firm in which it will own 35 per cent.
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