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Singapore Telecom acquires mobile advertisers to boost digital business

SINGAPORE--Singapore Telecom, Southeast Asia's biggest telecom firm by revenue, said Wednesday it will buy two mobile advertising companies for a total of US$385 million to further boost its digital business.

Amobee, a digital advertising firm fully owned by SingTel, said in a statement it had signed agreements to buy Adconion, a cross-channel digital advertising company as well as Kontera Technologies, a digital content intelligence and marketing technology firm.

Adconion Direct North America and Adconion Australia will be acquired for US$235 million including debt, while U.S.-based Kontera will cost US$150 million.

Amobee said the deals are subject to certain conditions being met.

Allen Lew, chief executive of Group Digital Life at SingTel, said the purchases would enhance Amobee's ability to create digital marketing campaigns that can reach SingTel's global network of more than 500 million subscribers.

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