IN BRIEF: Public Policy buys TrailRunner for up to USD70 million
Public Policy Holding Company Inc - Washington, DC-based group of advisory firms, specialising in government affairs and public relations - Agrees to buy TrailRunner International LLC, a Texas-based global communications advisory firm, for initial USD33 million. On completion, the acquisition is anticipated to be immediately accretive to the underlying earnings. Consideration could rise to USD70 million if TrailRunner was to realise more than 25% compound annual profit growth from 2025 through 2029. The initial USD33 million payment will be satisfied on completion, which is expected to occur by April 1, by the issue of just under 3.0 million shares at 135.31 pence each, raising USD5.0 million and the balance of USD28.0 million in cash. To support the financing of the initial cash element, the group has entered into a supplemental credit facility with Bank of America of USD24 million. Read More