TPT Global Tech, Inc. completed the acquisition of 60% stake in Tekmovil LLC.
September 19, 2023
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TPT Global Tech, Inc. (OTCPK:TPTW) entered into a Memorandum of Understanding to acquire 60% stake in Tekmovil LLC for $40 million on August 25, 2023. Under the terms of the transaction, two payments totaling $40 million will be made. The initial payment, amounting to up to $20 million can be made, at the election of the Tekmovil shareholders either in cash or through TPT Global Tech Series E Preferred Shares, but no less than $10 million in cash paid by October 31, 2023. The second payment of $20 million, at the election of the Tekmovil shareholders, can be made either in cash or through TPT Global Tech Series E Preferred Shares. The finalization of these payments is proposed to occur by March 31, 2024, unless extended by Tekmovil shareholders. Any balance on the first payment will be paid in the form of a promissory note and to be settled with funds raised through TPT's proposed public offering It is also proposed that up to $80 million of additional funds raised through TPT's public offering will be used to assist in the restructuring of senior debt of Tekmovil through intercompany loans. The proposed intercompany loans will include a 5-year term, with provisions for accelerated repayment to TPT. Tekmovil generated in the last twelve months through June 30, 2023 approximately $210 million in revenues.
TPT Global Tech, Inc. (OTCPK:TPTW) completed the acquisition of 60% stake in Tekmovil LLC on September 20, 2023.
TPT Global Tech, Inc. operates as a technology-based company with divisions providing telecommunications, medical technology and product distribution, media content for domestic and international syndication as well as technology solutions. The Company operates as a media content hub for domestic and international syndication, technology/telecommunications company using its own Global Digital Media TV and telecommunications infrastructure platform. The Company also provides technology solutions to businesses domestically and worldwide. It offers software as a service (SaaS), technology platform as a service (PAAS), cloud-based unified communication as a service (UCaaS) and carrier-grade performance. It supports businesses over its private Internet protocol multi-protocol label switching IP-MPLS, fiber, and wireless networks in the United States. Its cloud-based UCaaS services allow businesses of any size to enjoy voice, data, media and collaboration features in technology markets.