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News Breaks | | | | January 5, 2013 | | 15:14 EDT |  | IDI | Tiger Media announces divestiture of SMIL subsidiary
Tiger Media announced the divestiture of its SearchMedia International Limited subsidiary. As part of the transaction, SearchMedia International Limited, “SMIL,” will be divested to Partner Venture Holdings Limited, an independent third party private limited company, in exchange for 650,000 options of Tiger Media at $1.25 per share. The transaction also materially improves the balance sheet and capitalization of Tiger Media including eliminating $13.7M of goodwill, $21.3M of accounts payable, $5.4M in remaining acquisition consideration payable and $11.6M of income tax payable. | |
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