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Vodafone to Acquire Mobile-Services Firm Singlepoint

The deal is valued at $652 million.
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agreed to acquire mobile-services provider Singlepoint, a unit of Caudwell Holdings, for a cash consideration of 405 million pounds ($652 million).

Singlepoint was founded in 1993. The company provides mobile services in the U.K. and currently manages 1.9 million contract customers, of which 1.5 million are Vodafone customers. Those contracts represent 27% of Vodafone's contract customer base in the U.K.

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The transaction requires the approval of European regulators, which the companies expect to receive in September.

Shares of Vodafone were up 2 cents to $19.16 on the

New York Stock Exchange