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Velti gets court approval of sale of mobile marketing business

Velti plc said it has received court approval of the sale of its mobile marketing business to affiliates of Blackstone (NYSE: BX) credit division GSO Capital Partners LP. The sale is expected to close shortly.

The transaction includes the sale of business lines operated by Velti Inc. and Air2Web Inc. in the US, Air2Web India, Velti DR Ltd. and Mobile Interactive Group, Ltd. in the U.K., and Velti Netherlands B.V. in the Netherlands. All operations included in the sale agreement are continuing as normal throughout the sale process and customers of the acquired businesses can expect to receive best-in-class service and support through the closing and beyond.

The company is operating its US operations as debtors-in-possession under the protection of the US bankruptcy laws, while the company´s operations in the U.K., Greece, China, Brazil, India, Russia, the United Arab Emirates, and other jurisdictions outside the US are continuing normal business operations.

Upon closing of the transaction, the mobile marketing businesses sold to GSO will no longer be operating under US bankruptcy protection.

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