Singtel lined up US-based advertising technology company Tremor International as the buyer for its digital media subsidiary Amobee in a $239 million deal, as the Singapore operator looks to invest in new businesses with higher returns.

In a statement, Singtel explained the deal is estimated to yield $197 million at closing after transaction costs and adjustments.

“We are actively reshaping our portfolio to ensure optimal allocation of resources towards new growth drivers”, Singtel group CEO Yuen Kuan Moon said.

The deal is expected to be completed in September, pending standard regulatory approvals and fulfilment of certain conditions.

Singtel announced a strategic revamp of its business, including a restructure of its telecoms units and selling non-core assets in May 2021.

In October 2021 it agreed to sell a 70 per cent stake in Australia Tower Network to raise AUD1.9 billion ($1.3 billion).