NEW YORK (TheStreet) -- Facebook Inc. (FB) is purchasing Pryte, a Finnish company, in an effort to make it easier for those living in underdeveloped countries to get Internet access via their mobile phones, Reuters reported.
Financial terms were not disclosed, but Facebook told Reuters the deal is expected to close in the later part of June.
Pryte aims to allow customers without wireless data plans to go online by selling them short-term passes providing access to mobile apps like Facebook and Foursquare, Reuters reported.
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Shares of Facebook are up 0.33% to $63.29 on Tuesday morning.
TheStreet Ratings team rates FACEBOOK INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate FACEBOOK INC (FB) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and impressive record of earnings per share growth. However, as a counter to these strengths, we find that the stock itself is trading at a premium valuation."