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Keywords Studios PLC - International technical and creative services provider to the global video games and entertainment industries - Buys Digital Media Management Inc, a US-based full-service social media agency, for an initial consideration of USD67.5 million, comprising USD57.4 million in cash and USD10.1 million in shares on completion.
There is also a maximum deferred contingent consideration of USD32.5 million, payable in a mix of cash and new ordinary shares dependant on the future performance of the company over the two years from completion. The cash component of the initial consideration will be funded by drawing down on part of Keywords' existing EUR150 million revolving credit facility.
Chief Executive Officer Bertrand Bodson says: "The acquisition of DMM brings Keywords a top tier social marketing agency, world-class production location and capability, as well as a technology platform that can help scale its influencer offering. It extends our capabilities in an increasingly critical area of the marketing landscape, accelerating our progress towards being able to offer a truly holistic solution to our clients' engagement needs."
Current stock price: 2,838.00 pence
12 month change: up 4.0%
By Holly Beveridge, Alliance News reporter
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