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FINANCIAL NEWS
US Tiger Global Management acquires Dubai’s Cobone.com
10 Mar 2013
(MENAFN) Dubai-based Cobone.com has agreed to sell itself to US investment firm Tiger Global Management for an undisclosed amount, Arabian Business reported.
Cobone.com said in a statement that the deal will provide it with additional capital to fund long-term commitments in the Middle East.
Under the terms of the deal, Cobone.com’s Irish founder Paul Kenny and other senior executives will remain under the new owner.
It deal will see the parent company Jabbar Internet Group exit its investment in the online firm.
Cobone.com does not disclose its revenues or whether it is profitable, but says it has a user base of more than 2 million and has sold more than 1.5 million online discounts.
Financial details of the Tiger transaction were not disclosed, but US internet start-up news site TechCrunch estimated the sale to be worth nearly USD40 million.
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