Velti closes Mobile Marketing Business deal with GSO Capital
Velti has announced that the company has closed the sale of its mobile marketing business to affiliates of GSO Capital Partners LP (GSO) which is the credit division of Blackstone.
The transaction includes the sale of business lines operated by Velti Inc. and Air2Web Inc. in the U.S., Air2Web India, Velti DR Limited and Mobile Interactive Group, Ltd. in the U.K., and Velti Netherlands B.V. in the Netherlands.
Jay Sheth, SVP & GM – Mobile Marketing BU and President & CEO, Velti India, expressed, “We are very excited about this next chapter and moving forward with GSO. Under the new ownership, GSO provides us greater financial stability and the resources needed to continue to grow our business and improve our customers’ experience. GSO understands and believes in our business.”
The remainder of the Company’s business lines, primarily consisting of its Performance Marketing Business Unit, will be operated out of Greece and with business in the Central and Eastern Europe and the Middle East will continue to operate normally.
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