(Alliance News) - Brave Bison Group PLC will buy Greenlight Digital Ltd and Greenlight Commerce Ltd in a GBP6.8 million deal, it announced on Friday.
Greenlight is a digital advertising and technology company working with brands including Dixons Carphone, GAP and New Balance.
To finance the deal, the group conditionally raised around GBP6.2 million through a placing of 455.6 new shares at a price of 1.35 pence per share.
Shares in the social media and marketing firm were up 4.4% at 1.80 pence each in London on Friday morning. The stock is up 76% so far in 2021.
The Vendors of Greenlight will receive a total consideration of GBP6.8 million in cash and 6.6 million new shares at the placing price.
Brave Bison Executive Chair Oliver Green commented: "We are building a media group for the new era: a single business that combines our own media network with digital and social marketing services, providing clients with access to both eyeballs and execution.
"This acquisition represents a significant step towards realising our vision and we are delighted to welcome the Greenlight team into the group".
The acquisition will enable Brave Bison to leverage its existing Singapore presence and client base as a "beachhead to offer Greenlight services" in the Asia-Pacific region, the company stated.
Last Friday, London-based Brave Bison posted an interim pretax profit of GBP172,000 on revenue of GBP7.3 million.
By Will Paige; willpaige@alliancenews.com
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Brave Bison (BBSN)