Marketing Services Group Inc., will acquire up to a 19.13% equity position in Fusion Networks Inc., an interactive, multimedia and entertainment Latin American portal.
Under the terms of the all-stock transaction, MSGI will initially acquire approximately 10% of Fusion Networks common stock. MSGI also has an option to acquire an additional 9.13% of Fusion Networks within six months under the same terms. As part of this agreement, MSGI will have a seat on the board of directors of Fusion Networks.
“With an estimated 12 million Spanish and Portuguese Internet users, of which nearly 5 million are living in the United States, we see Latin Fusion as a remarkably effective vehicle to enter the online Latin American market,” said MSGI chairman and CEO Jeremy Barbera.
Fusion Networks plans to launch additional sites in Latin America, Spain and Portugal and also to launch a web site for the Spanish and Portuguese-speaking community in the United States.
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