Spice acquires NewTel for $22 mn

Spice i2i announced the acquisition of Thailand-based handset maker NewTel Corporation.

Mobile handset distributor Spice i2i today announced the acquisition of Thailand-based handset maker NewTel Corporation for USD 22 million (about Rs 98.24 crore).

The acquisition of NewTel,which sells handsets under the ‘WellcoM Mobile’ brand,will help Spice i2i extend its market share to the Greater Mekong Sub-region,which includes countries such as Thailand,Vietnam,Myanmar,Cambodia and Laos,Spice Group Chairman BK Modi told PTI.

Spice has acquired the company for a consideration of USD 22 million,he added.

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Part of the Spice Group,Spice i2i,is headquartered in Singapore.

NewTel Corporation posted a turnover of about USD 56 million for the year 2009. NewTel is the second largest local mobile handset player in Thailand,with a market share of about eight per cent.

“By leveraging NewTel’s network,we will also become the first Singapore company to penetrate the Myanmar mobile communications market,bringing the mobility concept direct to the Myanmar consumers and making it more accessible for them,” he said.

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