14th Aug 2014 08:49
LONDON (Alliance News) - XLMedia PLC Thursday said it has agreed a deal to acquire a UK sports betting website for USD6.7 million, along with a second website which provides content for a casino as part of the same deal.
Digital performance marketing services provider XLMedia said the two sites, which it did not name, have been active since 2006 and said the pair recorded earnings before interest, taxation, depreciation and amortisation of GBP920,000 in the twelve months to the end of June 2014.
XLMedia will pay an initial USD5 million one month after the close of the deal, with the remainder to be payable twelve months after the close.
"With our current network focused on casino products, we see good opportunities in the market to buy additional assets in the sports betting arena. In addition, the UK market is a mature, established market where we see growth opportunities going forward," said Ory Weihs, XLMedia's Chief Executive.
XLMedia shares were down 3.1% to 47.00 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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