CORAL SPRINGS, Fla.-Sun Network Group Inc. has agreed to buy m-commerce provider PayCell Inc., a two-month-old subsidiary of Celtron International, in an all-stock transaction.
Earlier this week, Celtron had rejected a proposed spin-off of the subsidiary in favor of Sun’s acquisition. Celtron established PayCell, which offers mobile payment services, in May to sell, distribute and manage Celtron’s businesses in North and South America.
“Celtron has actively been seeking a separate quotation for its U.S. subsidiary, PayCell,” said Celtron Chief Executive Officer Allen Harington, “And the offer by Sun to acquire PayCell and give the company access to U.S. capital markets is in the best interest of our shareholders. We look forward to completing our due diligence and closing the transaction promptly.”
