US$ 175 Million for Nexian Group, Says Spice
Spice i2i was known as Media Ring Ltd. before itself was acquired by India's Spice Group and had its name changed. Last year Spice i2i also acquired NewTel Corporation, the second largest handset producer in Thailand, for $22 million. Additionally, Spice is also a majority owner of Malaysia-based handset maker and VAS provider Spice CSL.
Affinity Group itself is one of the largest players in the Indonesian mobile industry, targeting the low end market as well as acting as distributor for devices by Motorola, Research In Motion, and HTC as well as providing after sales service. Its revenue in 2010 was estimated at $680 million.
This acquisition marks the latest chapter in which a Singaporean company holds a significant stake in an Indonesian mobile company after SingTel's part ownership in Telkomsel and ST Telemedia's involvement in Indosat before selling its stake to Qatar Telecom.
Translated by Nita Sellya