PERFORM Acquires WatchandTrade
Acquires remaining 40% of shares gives PERFORM full ownership
Perform Group plc ("Perform"), the global market leader in the distribution and commercialisation of sports content across connected digital platforms, announces that it has agreed to acquire the remaining 40% of shares it does not currently own in the company WatchandTrade Limited ("WatchandTrade") for £550,000 initial cash consideration with a maximum deferred cash consideration of £5.85m payable. The deferred consideration will be based on an agreed multiple calculation of the full year EBITDA results of the business for the years ending 31 December 2011, 2012 and 2013.
WatchandTrade was established in November 2009 and delivers live sports video content and technical services to sportsbooks. Perform subscribed £60,000 for its 60% ownership stake in January 2010.
The remaining 40% shareholding will be acquired from the founder shareholder and Managing Director Michael Cobain, who will continue to serve as Managing Director after the acquisition.
Oliver Slipper, joint CEO of Perform commented: "We are delighted to have completed the acquisition of WatchandTrade and we look forward to continuing its successful growth."
Michael Cobain, Managing Director of WatchandTrade commented: "This has been a fantastic journey of rapid growth in testing financial times, which has been made possible through determination, having the right product and the backing of an ambitious and supportive company in Perform. We have some exciting new developments in the pipeline and the acquisition by Perform will really help us continue this growth and increase our foothold in the market."
Perform Group plc
Telephone 0203 372 0600
Stephen Malthouse / James Macey White
Telephone 020 7353 4200