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TPT Global Tech Completes SPA to Acquire 60% of Tekmovil with Cell phone Distribution in 16 Latin American Countries
TPT Global Tech Completes SPA to Acquire 60% of Tekmovil with Cell phone Distribution in 16 Latin American Countries.
About this update from Tpt Global Tech, Inc.
[{"type":"text","content":"Revolutionizing the Mobile Content Landscape with VuMe Super App ExpansionSAN DIEGO, CA / ACCESSWIRE / September 20, 2023 / TPT Global Tech, Inc. ("TPT" or "TPT Global Tech") (OTC PINK:TPTW), based in San Diego, CA, announces a Share Purchase Agreement (SPA) completion, acquiring a 60% ownership in Tekmovil Holdings, LLC, ("Tekmovil") the largest smartphone distribution company in Latin America.For the twelve months ended June 30, 2023, Tekmovil generated approximately $210 million in revenue with a net loss of approximately $32M (unaudited) largely from its debt burden that is intended to be restructured in conjunction with this transaction.An important part of this acquisition is the integration of TPT's VuMe Super App into mobile devices distributed by Tekmovil. Leveraging TPT Global Tech's technological prowess and tapping into Tekmovil's extensive distribution network, we believe we are poised to deliver an unrivaled content experience to users across 16 nations in the Americas.Tekmovil now gains real-time access to the VuMe Super App's backend dashboard, offering insights into performance metrics, usage statistics, and real-time revenue streams stemming from TV broadcast services and in-app purchases.The acquisition for 60% ownership includes two payments totaling $40 million. The initial payment, up to $20 million, can be settled either in cash or through TPT Global Tech Series E Preferred Shares, with a minimum of $10 million in cash paid by October 31, 2023, unless extended by Tekmovil shareholders. Any remaining balance from the first installment can assume the form of a promissory note up to $30M USD, payable on or before March 31, 2024, funded from the proceeds of TPT's planned public offering. The subsequent $20 million payment, at Tekmovil shareholders' discretion, can be fulfilled in cash or TPT Global Tech Series E Preferred Shares. Furthermore, a provision allocates up to $80 million of funds raised from TPT's public offering to facilitate the restructuring of Tekmovil's senior debt through loans encompassing a 5-year term with provisions for expedited repayment to TPT. Finalization of these transactions by March 31, 2024, is subject to adjustment up or down depending on Tekmovil's EBITDA results from the following twelve months, completion of audits, and other customary closing con...