Tesco to buy London-based e-book firm Mobcast for £4.5mln

PanARMENIAN.Net - British supermarket giant Tesco said Tuesday, Sept 4, that it has agreed to buy London-based e-book firm Mobcast for £4.5 million ($7.1 million, 5.7 million euros), AFP reports.

"Tesco has acquired Mobcast, the award-winning digital book platform provider," the retail group said in a brief statement that also gave the purchase price.

"The acquisition further strengthens Tesco's digital entertainment offer, following the purchase of movie and TV streaming service blinkbox in 2011 and personalized internet radio service WE7 in June 2012."

Mobcast provides a platform for companies to sell e-books and currently works with mobile network Orange, which is owned by France Telecom.

London-listed Tesco is the world's third-largest retailer after US-based Wal-Mart and France's Carrefour, but has suffered poor trading at its domestic operations in recent times.

Meanwhile, Tuesday's deal will hand a windfall to Mobcast co-founder Andy McNab, who fought behind enemy lines with Britain's elite Special Air Service (SAS) in the first Gulf War.

McNab is now a best-selling thriller writer and founded the e-book company with chief executive Tony Lynch in 2007.