1st Jul 2016 08:37
LONDON (Alliance News) - Sports marketing firm TLA Worldwide PLC on Friday said it has finalised the acquisition of the 45% of Australia-based Elite Sports Merchandise Pty Ltd it did not own following the acquisition of Elite Sports Properties Pty Ltd in March 2015.
In March 2015, TLA paid AUD25.5 million to acquire Elite Sports Properties, an Australia and UK-based athlete management and sports marketing company.
Under that deal, TLA acquired a 55% stake in Elite Sports Merchandise and had the option to acquire the other 45% on the first anniversary of the acquisition completing.
TLA said it has decided to take up that option and will pay AUD2.1 million to acquire the other stake, split between AUD1.5 million in cash and 467,874 TLA shares issued at 55.60 pence per share. TLA shares were untraded Friday, having last traded at 57.00p.
"We have been pleased by the success and integration of ESP into the group and the acquisition of the remaining 45% of the share capital of ESPM, continues our strategy of complementary expansion," said Executive Chairman Bart Campbell.
By Sam Unsted; [email protected]; @SamUAtAlliance
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