20th Jul 2015 07:35
LONDON (Alliance News) - Digital media and technology company Milestone Group PLC on Monday said it has formed a joint venture with payments systems company Black Cactus Holdings Pty Ltd.
Under the terms of the joint venture, which will be called Nexstar, the pair will work on developing and commercialising all existing intellectual property owned by Black Cactus.
The joint venture will be 51%-owned by Milestone and 49%-owned by Black Cactus, with the pair to share revenue from the venture equally.
"We are delighted to complete this agreement with Black Cactus. This deal further complements the Passion Project which now has all of the component parts in place to Engage, Identify, Direct and Reward young people under a single eco-system," said Milestone Chief Executive Deborah White.
Milestone shares were untraded on Monday morning, having last traded at 0.425 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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