iTouch, the UK-based mobile content firm which has local companies in many other companies, has finally decided its fate, after being on the block for more than a year: the management of the company is buying itself back from the Japanese mobile content firm For-Side, for an estimated $100 million, reports Telegraph.
The management buyout is being led by three company directors: Wayne Pitout, CEO and co-founder, Michael LeHoux, Finance Director and Gonzalo de la Cierva, founder of Movilisto in Spain. The financing syndicate is being led by US-based private equity and investment firm Oak Investment Partners (the firm reently invested in in MobiTV
iTouch was listed on the London exchange until June 2005 when it was bought by For-side for $330 million, having grown rapidly as a public company through a series of international acquisitions. For-Side made a series of acquisitions in 2004-2005, butmost of them proved to be disasters, including the companies it bought in U.S. as well..since then iTouch sale rumors have been floating around and at one time last year, News Corp was looking at it, but it deiced to buy majority in Jamba instead.
Related:
—For-Side Appoints Investment Bank To Advise On Zingy Sale; $100 Million Possible
—For-Side Imploding; iTouch For Sale Again