17th Feb 2015 08:37
LONDON (Alliance News) - Haynes Publishing PLC on Tuesday said it has struck a deal to buy motor database company Teon Media Ltd for GBP450,000 in cash.
Haynes will pay the consideration in staged payments from its existing cash resources over 24 months.
"The acquisition is an important move for the Group and whilst we remain firmly committed to our Haynes manual programme, Teon forms a major building block in our consumer digital strategy," said Haynes Chief Executive Officer Eric Oakley.
Shares in Haynes were down 0.9% to 118.10 pence on Tuesday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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