Friendster acquired by Malaysian Company
It seems that Friendster just had been bought by Malaysian payment gateway company MOL Global. Earlier news states that the purchase is around $100 million but recent news justified that Friendster only values at mere $ 26.4 million.
The total purchase price paid was $39.5 million. But lots of stuff was deducted, totalling $13 million and change:- $3.7 million in secured debt
- $2.5 million in cash in Friendster’s bank account
- $2.1 million paid to Friendster CEO Richard Kimber
- $1.4 million to other Frienster executives
- $3.4 million to Morgan Stanley and other third parties (lawyers, escrow agents, etc.)
KUALA LUMPUR, Malaysia, Dec. 9 /PRNewswire/ — MOL Global Pte. Ltd. (”MOL Global”), an affiliate of leading online payment solutions provider MOL AccessPortal Berhad (”MOL”), and Friendster, Inc. (”Friendster”), the operator of a top global web site based on traffic and a leading social network in Asia, announced today they have entered into a definitive agreement under which MOL Global will acquire 100% of Friendster. The principal shareholder of MOL is Tan Sri Vincent Tan, the Chairman and CEO of Berjaya Corporation Berhad, a leading, diversified Malaysian conglomerate that has annual revenues in excess of US$1.8 billion. Following the acquisition, the operations of MOL and Friendster will be combined to create Asia’s largest end-to-end content, distribution and commerce network, pairing MOL’s offline retail channel partners and payment platform with Friendster’s large online footprint, social network and user community in Asia.Read the full story at [http://www.btimes.com.my/articles/20091210104141/Article/]
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Friendster
MOL Global
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