16th Jun 2015 07:05
LONDON (Alliance News) - XLMedia PLC said Tuesday that it has agreed to acquire 54% of Tel Aviv-based web and mobile media company Marmar Media Ltd for up to USD7.4 million.
It will pay an initial USD5.3 million in cash and an additional up to USD2 million based on the company's earnings performance in the year to end-March 2016.
The acquisition is expected to add to earnings immediately, XLMedia said, and is "highly complementary" to its established media division.
Marmar posted earnings, interest, tax, depreciation and amortisation of USD2.2 million in 2014, on revenue of USD11 million.
"Marmar complements the group's offering, bringing additional know how and mobile understandings in additional markets and products. The board is happy to further diversify the group's revenues and customer base. We look forward to working with the Marmar management team to integrate the business and grow the media division together," said Chief Executive Officer Ory Weihs in a statement.
Shares in XLMedia were up 5.9% Tuesday morning at 63.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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