Mergers and Acquistions News
Categories: Media & Information Services
December 11th 2009, 14:56PM
MOL Global is to acquire the online social networking operator Friendster Inc in a multi-million dollar deal, it has been announced.
Citing a desire to enhance its position to take advantage of the massive potential of regions such as the Asian market, Malaysia's MOL confirmed that it is to takeover the entire equity of Friendster.
It is anticipated that the deal will see the consolidation of the social networking site with MOL's existing offline retail operations, thereby pushing combined annual revenues beyond the $110 million mark, the Malaysian Star has reported.
Announcing the news, MOL AccessPortal president and chief executive Ganesh Kumar Bangah told a press conference: "We are creating a unique company that will be well positioned to provide content to a huge, regional user base here in south-east Asia."
At present, Friendster boasts 75 million unique users in the south-east Asia region, with a particularly strong presence in Malaysia and the Philippines.
Sydney-based Friendster currently receives 19 billion page views per month, placing it in the top 100 websites in the world in terms of traffic. 
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