15th Jan 2020 10:00
(Alliance News) - Market researcher & data analytics firm YouGov PLC on Wednesday said it will complete the acquisition of SMG Insight Ltd ahead of schedule, as the sports agency looks set to reach the terms of its earn-out clause sooner than expected.
YouGov said that since the acquisition was announced in May 2018, SMG "has delivered strong results".
YouGov will pay a deferred consideration of GBP13.2 million, over two equal tranches, with the first being paid on Wednesday.
The total amount paid for SMG will stand at GBP18.0 million. When the takeover was announced, Yougov said the total consideration would be capped at GBP21.0 million.
YouGov added on Wednesday: "It is expected SMG Insight will reach the terms of the earn-out clause ahead of the original indicated timeframe. To reflect this outperformance, and in order for YouGov to maximise the value we can build upon this strong progress, the company will complete the acquisition in full ahead of schedule."
Prior to the deal, YouGov owned a 20% stake in SMG. The remaining 80% was held by SMG founder Frank Saez.
The unit has since been rebranded as YouGov Sport.
YouGov shares were 0.7% higher at 635.40 pence each in London on Wednesday morning.
By Eric Cunha; ericcunha@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
YouGov