Mumbai, February 17, 2010: Bangalore-based mobile retail chain, Global Access, announced today that its acquisition by Spice Retail, the multi brand mobile and technology retail chain had been completed successfully. The purchase price of the transaction was not disclosed. However sources close to the deal confirm that the offer represented a win-win scenario for both Spice Retail and Global Access.
The Promoters of Global Access were keen to leverage the value generated by their outlets’ ability to generate heavy customer footfalls and by exploiting the real estate values offered by their outlets. With Global Access having been dominant regional players ever since its inception in 1998, the Promoters felt that this was an appropriate time to exit the retail markets and focus on building a new brand in the mobile handset manufacturing space, namely iCube Mobiles.
"The completion of this acquisition represents a significant landmark for us in our endeavour to create value accretion across different business verticals within the telecom industry." said Siraj Fulara, Founder of Global Access. "Going forward, we will continue to connect with India’s booming telecom market by providing consumers with affordably stylish “iCube” mobile handsets through our distribution arm, Telelogix. We see huge potential for growth in the mobile handsets market in India, and with iCube boasting of several consumer-friendly and next generation features, we believe we are well placed to grow rapidly in the dual GSM mobile handset manufacturing market.” said Mr. Mohsin Fulara, Co- founder, Global Access.
iCube mobile handsets are geared to meeting the mass market needs and demands and is headed by Mr. Mohsin Fulara. Well informed sources added “Popular iCube handsets, including the i300, i160, i50 and i90 are fueling iCube’s rapid growth, which has catapulted it to the league of the top 5 manufacturers in the dual GSM mobile handset market in India. The proceeds of the Global Access acquisition will be utilized by iCube Mobiles to expand its offering and consumer reach in the mobile handsets market.”
Bangalore-based law firm, MMB Legal, advised Global Access on the transaction, while boutique investment bank, Viedea Capital, was the financial adviser on the transaction.
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