Intelligent Communication Enterprise Corporation and One Horizon Group Plc. have signed an Agreement of Securities Exchange worth $196 million. One Horizon Group, based in the U.K., provides patent-pending optimized, mobile VoIP technology to tier 1 and tier 2 mobile network operators.
As part of the agreement, a share of One Horizon will be equivalent to 175.14 shares of the common stock from ICE Corp. The merger of the two organizations is expected to be formally announced in November 2012.
The new organization will concentrate completely on Horizon Globex (News - Alert), a groundbreaking optimized mobile VoIP business from One Horizon. The existing shareholders of One Horizon, with a total of 18.5bn shares, are expected to hold a majority share in the new organization. They have also been informed regarding the new organization’s goal of fulfilling all required norms for being listed on the NASDAQ Capital Market.
ICE Corp. has already received the mandatory percentage of approvals from One Horizon shareholders.
In a statement, Victor Jeffery, CEO, ICE Corp. said, "The Agreement with One Horizon positions ICE Corp firmly in the communications technology sector and represents the best possible value for the shareholders of ICE Corp at the moment. One Horizon's strategy to extend its reach globally in a world with increasing demand for bandwidth efficient mobile technologies makes us extremely optimistic about our future."
The new organization will be known as One Horizon, wherein current officers and directors of One Horizon Group will hold the same positions. Nearly three decades of total experience in the rapidly growing telecommunications sector will be brought to the organization by the latest team.
"This deal provides the shareholders of One Horizon with access to a more liquid market to trade their shares,” said Mark White, CEO, One Horizon Group. “Being quoted in the United States will provide us access to the right capital markets with potential to match our ambitions. We believe this deal offers our shareholders an avenue to experience the full potential value of their holdings as the company proceeds to implement its growth plans in the coming months."
Edited by Braden Becker