As Distefora Holding flounders, its mobile division is to be acquired by its management team.This content was published on June 20, 2002 - 15:50
Two years ago, Distefora acquired Minick, a small mobile services company and folded its people and technology into its mobile division. Now an MBO ensuring the survival of the mobile business division is going to put Minick AG back in business.
Distefora Mobile employs about 50 workers who will likely all move to the new company, say insiders. Minick AG reached the agreement with Distefora Holding AG, a publicly traded firm active in the Internet services, mobile messaging, telematics, and navigation.
Additional financing is being provided by US-based THQ, a leading gaming and publisher of entertainment software. The management and employees will own a majority stake in the company.
Tero Turunen will be CEO of the new corporation and Michael Kägi, the original Minick founder will be Chairman of the Board. The new company MINICK will take headquarters in Zurich, Switzerland, with operations in Germany, UK, Sweden, and Spain.
The parent company has been floundering ever since its IPO and was unable to reverse the trend of massive losses incurred by what can be seen now as too rapid expansion and high market development costs.
by Valerie Thompson
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