Providing mobile content services and solutions, Motricity has signed a definitive agreement to acquire the mobile services business unit of InfoSpace, Inc. [NASDAQ: INSP]. To acquire this leading developer of mobile technologies and infrastructure services will cost approximately $135 million in an all cash transaction. Carl Icahn and Advanced Equities, Inc. provided significant investments to lead the funding of the transaction. Under the terms of the agreement, Motricity will acquire the mobile services division from InfoSpace, Inc., as well as the technology and services spanning mobile search, storefronts, portals and messaging services.
Naturally, the transaction is subject to regulatory approvals and other customary closing conditions and is expected to close within the next 90 days. Upon closing, Ryan Wuerch will remain as Chairman and CEO of Motricity and Steve Elfman, current executive vice president of InfoSpace’s mobile services business unit, will become President, Chief Operating Officer of Motricity—Durham, North Carolina
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