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Spice Mobiles to acquire majority stake in JV with CSL

March 15, 2010
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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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