Carrier billing company Boku Inc. completed its acquisition of Danal Inc. from South Korea-based Danal Co. Ltd.

Boku will pay a maximum of 26.7 million common shares, warrants for over 1,634,699 common shares exercisable for five years at £1.41 apiece, and $1.0 million in cash as its initial consideration.

Of the issued common shares, 50% are subject to a lock-in period until June 30 and the other half is subject to a lock-in period until Dec. 31. However, 1,930,414 common shares are subject to an orderly marketing arrangement and will not be part of the lock-in period.

Boku CEO Jon Prideaux, chairman Mark Britto and Paul McGuire will also be subject to lock-in periods in respect of the stakes they hold in Boku.