7th May 2015 08:18
LONDON (Alliance News) - Market Tech Holdings Ltd on Thursday said it has acquired e-commerce marketing company Stucco Media Ltd for USD34.5 million in cash and shares.
Market Tech, which owns and manages the main Camden markets in north London, said Stucco will boost its online capabilities in mobile marketing and customer relationship management.
Under the terms of the deal, Market Tech will pay USD25.8 million initially, comprising USD12.8 million in cash and USD13 million in shares of Market Tech, equating to 3.5 million shares in the company priced at 242.8 pence. Market Tech shares were untraded on Thursday morning, having last traded at 248.00 pence.
"This is an extremely exciting acquisition for Market Tech. StuccoMedia's e-commerce technology will form the centrepiece of our transition to a fully integrated online/offline retail offering. Following the acquisition of Glispa in March this year we will now be able to leverage our real estate and e-commerce assets to provide a truly global online marketplace coupled with physical retail and leisure assets," said Charles Butler, Market Tech's chief executive.
By Sam Unsted; [email protected]; @SamUAtAlliance
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