Dada, an international provider of web and mobile community and entertainment services, through its subsidiary Dadamobile, has finalized the agreement for the acquisition of 30% of E-Box S.r.l., which owns the Blogo platform. Dada has also signed an agreement, which will allow the company to raise its stake to 100% of E-Box S.r.l., within the next two years.
Founded in January 2005, with its headquarters in Milan, E-Box, through its platform called Blogo, carries out Nano-Publishing. Blogo is a network of specialized blogs in Italy. E-Box has no employees and is managed by the four co-founders who coordinate the activities of over 50 bloggers. Dada Ad, the Dada advertising agency, will take over the exclusive advertising management rights for the whole of the Blogo network. The 30% stake in E-Box S.r.l. will be acquired by Dadamobile for the sum of Euro 720,000 from existing capital Group funds and will be executed in two phases of equal amounts. The first will be executed at Closing agreement, and the second will be executed one year from Closing. Together with the capital stake, Dada has been given certain management rights which particularly refer to the nomination of the representatives of the governing bodies and management of the Company and also voting rights on the board and in important board meetings.
Options to subscribe to the buying and selling of the residual share capital were made in order for them to be exercised after the 2 years from the Closing and once certain conditions have been verified.