Velti Says Blackstone Affiliate to Buy Business LinesDawn McCarty
Velti Inc., a bankrupt provider of mobile-marketing technology, named an affiliate of Blackstone Group LP’s GSO Capital Partners LP as the winning bidder of its business lines.
Velti will ask the U.S. Bankruptcy Court in Wilmington, Delaware, to approve the sale to GSO MMBU Acquisition LLC on Dec. 20. Velti canceled a scheduled auction because no other qualified bids were received.
The proposed sale includes the business lines operated by Velti and Air2Web Inc. in the U.S.; Air2Web India, Velti DR Ltd. and Mobile Interactive Group Ltd. in the U.K., and Velti Netherlands BV in the Netherlands.
Velti, a U.S. unit of Velti Plc, listed assets of as much $50 million and debt of as much as $100 million in Chapter 11 papers filed Nov. 4. Operations in the U.K., Greece, India, China, Brazil, Russia, the United Arab Emirates and elsewhere outside the U.S. didn’t seek court protection.
Blackstone, based in New York, is the world’s largest manager of alternative assets such as private-equity funds and real estate.
The case is In re Velti Inc., 13-bk-12878, U.S. Bankruptcy Court, District of Delaware (Wilmington).