15th Sep 2014 08:23
LONDON (Alliance News) - XLMedia PLC Monday said it has entered into an agreement to buy an additional 21% stake in the joint venture company which operates it Finnish websites, taking its holding in the entity to 93%.
The digital performance marketing services provider said it would pay USD1.5 million in cash to buy the additional stake, increasing its holding in the business to 93% from the current 72%.
XLMedia already handles the management of the joint venture and said the acquisition of the further stake would increase earnings available for distribution to shareholders as dividends.
XLMedia shares were down 1.3% to 58.25 pence per share in early trade on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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