30th Jun 2022 10:17
(Alliance News) - Ascential PLC said on Thursday it acquired e-commerce service provider Intrepid E-Commerce Services Pte Ltd for an initial cash consideration of USD57 million.
Deferred considerations will be payable over four years, totalling between USD100 million and USD197 million when combined with the initial cash payment. The maximum consideration for the acquisition is capped at USD250 million, in the event that stretching targets are reached.
Intrepid is headquartered in Singapore and primarily provides services to brands in South East Asia. In 2021, Intrepid reported revenue of USD17.8 million and an earnings before interest, tax, depreciation, and amortisation loss of USD4.5 million.
Chief Executive Duncan Painter said: "Intrepid's strong presence in South East Asia, alongside its proven expertise operating across the major marketplaces in this important region, further enhances the capabilities and global reach of our Digital Commerce business."
Shares in the business-to-business media and events firm Ascential were down 1.4% at 259.60 pence on Thursday morning in London.
By Heather Rydings; [email protected]
Copyright 2022 Alliance News Limited. All Rights Reserved.
Related Shares:
Ascential