LONDON (Alliance News) - Domain name retailer CentralNic Group PLC was readmitted to trading on Thursday after it completed a fundraise and acquired KeyDrive SA in a reverse takeover.
CentralNic placed 46.2 million shares and raised GBP24 million to fund the acquisition, with issued shares now totalling 170.7 million.
KeyDrive - which sells internet domain names, web hosting, and advertising tools - recorded revenue of USD58.3 million in 2017.
The initial acquisition cost is USD35.8 million, of which USD16.6 million must be cash, with a further USD10.5 million to be paid based on Keydrive's performance bringing the total cost to USD46.3 million.
CentralNic Chief Executive Ben Crawford said the two firm had been "successfully combined" and the company "continues to rank globally in the top five registry service providers".
"The transaction is a milestone in the company's history as it cements CentralNic's position as a consolidator in the market to rival its competitors, including large and influential US players," Crawford added.
CentralNic's shares were suspended but have now resumed trading on Thursday. Shares were down 1.1% at 52.90 pence on Thursday.
