SINGAPORE (AP) — Singapore Telecommunications Ltd. said Monday it plans to acquire mobile advertising company Amobee Inc. for $321 million.
SingTel, Southeast Asia's largest telecom by revenue, plans to complete the purchase by June and leave the management of Redwood City, California-based Amobee in place, the company said in a statement.
SingTel said it seeks to move beyond mobile advertising through banner ads to include targeted deals and coupons and loyalty rewards programs for customers.
"We're very serious about becoming a major player in this mobile marketing ecosystem," said Allen Lew, chief executive of SingTel's Singapore operations. "It's an important first step for us because we believe this investment sets us up to capture the huge opportunity in mobile marketing."
SingTel also announced Monday that it will reorganize itself into groups focusing on consumers, digital life and information and communications technology. SingTel owns Australia's Optus and has large stakes in mobile operators in India, Indonesia, Thailand, Pakistan, the Philippines and Bangladesh. It has 434 million subscribers worldwide.
SingTel said last month its net profit in the fourth quarter fell 9.6 percent to 902 million Singapore dollars ($720 million).