16th Mar 2015 07:50
LONDON (Alliance News) - Market Tech Holdings PLC on Monday said it has acquired a controlling stake in Berlin-based mobile marketing company Glispa GmbH for a total of EUR32 million in cash, plus a commitment to invest another EUR20 million in the business.
Market Tech, which owns the main Camden markets in north London, said it will pay an initial consideration of EUR25 million to acquire a 75% stake in the company, along with a EUR7 million working capital payment.
The company also will invest a further EUR20 million in Glispa to back its future growth.
Market Tech has a call option over the remaining 25% of the company owned by Glispa's main shareholder, Gary Lin, which can be exercised after two years for a further consideration calculated as the higher of market value and EUR20 million, Market Tech said.
"This is a very exciting transaction and I want to start by welcoming the talented team at Glispa to Market Tech and look forward to working with them. Glispa's market-leading technologies and team will add significant value to Camden Market and our business," said Market Tech Chief Executive Charles Butler.
"Its digital capabilities will take us one step closer to becoming a full-service solution provider and support the reinvigoration of Camden Markets, where we are already making significant progress, enabling us to bring the markets to a global audience," Butler added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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