IN&M profits of €79m on iTouch

INDEPENDENT News & Media has made a €79m profit on its €21m investment in mobile phone information streaming provider iTouch.

IN&M profits of €79m on iTouch
Fri, 29 Apr, 2005 - 01:00
Conor Keane, Business Correspondent

For-Side.com, the Japanese provider of ring tones and games for mobile phones, yesterday made a €280m bid for the former IN&M subsidiary iTouch in which the Tony O’Reilly led company retained a 37% stake.

The Japanese bid put a 27% premium on the traded value of iTouch which only became profit-delivering this year, after years of burning cash.

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CourtsPlace: South AfricaPerson: Tony O’ReillyPerson: Merrion Stockbrokers’Person: Bríd WhiteOrganisation: IN&MOrganisation: iTouchOrganisation: IN&MOrganisation: Irish IndependentOrganisation: iTouch PLC
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