By Dan Primack
March 5, 2012

Singapore Telecommunications last night announced that it will acquire Amobee, a Redwood City, Calif.-based provider of mobile advertising solutions, for around $321 million. Basically the latest in a long line of telecom companies that have recognized the need expand beyond their connectivity and smartphone businesses, by becoming more of a digital services provider.

But SingTel was not the only bidder.

Fortune has learned that other suitors included Telefónica (TEF), which also happens to be among Amobee’s private shareholders. I don’t have any specifics on the Telefónica, except that it was lower than SingTel’s $321 million (which doesn’t include possible earn-outs that could be achieved by Amobee management).

Overall, Amobee raised around $50 million in venture capital funding. In addition to Telefónica, backers included Accel Partners, Sequoia Capital, Globespan Capital Partners, Cisco and Vodafone.

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