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(Alliance News) - Ebiquity PLC on Monday said it has agreed to buy the remaining minority stake in its Italian subsidiary Ebiquity Italy Media Advisor Srl for EUR3.4 million.
Ebiquity acquired a majority stake in the subsidiary in 2010 with an option to acquire the remaining stake "at the appropriate time".
The marketing and media consultancy company said Ebiquity Italy provides predominantly media benchmarking services, with revenue for 2019 expected to total EUR2.6 million and operating profit of EUR1.1 million.
As part of the transaction, Ebiquity said it will buy the remaining 49% currently held by the subsidiary's founders, Chief Executive Arcangelo DiNieri and General Manager Maria Gabrielli, who will retire from executive roles in the business but will remain advisers to the business to ensure a smooth transition.
Ebiquity said Giulia Biesuz, who has previously served as media client service director, will succeed DiNieri as managing director of the subsidiary.
The transaction is expected to complete in April, the company said. The acquisition will be marginally earnings accretive and funded through a combination of Ebiquity's available cash resources and a draw-down from its loan facility.
"Arcangelo and Maria have developed an excellent business and strong market position in Italy. We look forward to building further on their success under Ebiquity's full ownership," said Ebiquity Interim Chief Executive Alan Newman.
Ebiquity shares were untraded in London on Monday, last closing at 37.00 pence.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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