Mobile marketing and advertising technology company Velti has agreed to sell its India, US and UK mobile marketing businesses and certain part of its US-based advertising businesses to affiliates of GSO Capital Partners LP, the credit division of the PE firm Blackstone. The sale is expected to close by end of 2013. Velti informed this transaction will include the sale of Air2Web India, Velti Inc & Air2Web in the United States and Velti DR Limited & Mobile Interactive Group in the United Kingdom. The financial terms of the agreement were not disclosed. As per the terms of the agreement, Velti's US operations has filed voluntary petitions under Chapter 11 of the US Bankruptcy Code with the US Bankruptcy Court for the District of Delaware to implement the sale under Section 363 of the Bankruptcy Code. However, the company noted this filing doesn't include its operations in the UK, Greece, India, China, Brazil, Russia, the United Arab Emirates, or any other jurisdictions outside the US. It also noted that while the sale agreement includes the UK and Indian operations of Air2Web India and the UK operations of MIG business, these businesses are not included in the Chapter 11 filing and are continuing business as usual. Velti had acquired mobile marketing and CRM company Air2Web for around $19 million in 2011. As part of the transaction, GSO has also committed to provide up to $25 million in debtor-in-possession financing, including a $10 million cash infusion to support the operations included in the proposed sale. Mobclix Shutting Down Velti's mobile ad exchange Mobclix is however shutting down its business and has filed a voluntary petition under Chapter 7 of the US Bankruptcy…
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