24th Sep 2014 10:40
LONDON (Alliance News) - Chime Communications PLC said Wednesday that it has acquired athlete management business ABC Sports Management Ltd for an initial consideration of GBP810,000 from its current owners.
Chime will fund 30% of the consideration through the issue of 72,196 shares. Further deferred consideration may be payable over a period to 2020, depending on the performance of the business, and the total consideration is capped at GBP1.5 million. Of the deferred consideration, 30% may be satisfied through the issue of new shares.
ABC manages the careers of rugby players including Brad Barritt, Luke Charteris, Taulupe "Toby" Faletau, Alex Goode, Bryan Habana, Gethin Jenkins, George North, Matt Rees, Chris Robshaw and Marland Yarde.
The business will be merged into Chime's Essentially sales and athlete management agency, and owner Christian Abt will become part of Essentially's athlete management division.
"This acquisition will strengthen CSM's position as one of the leading rugby athlete management businesses in the world," Chief Executive Christopher Satterthwaite said in a statement.
Shares in Chime are trading up 0.9% at 311.00 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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