LONDON (Alliance News) - Digital marketing services company Jaywing PLC on Thursday said it has agreed to acquire a 75% stake in Australian search marketing agency Massive Group Pty.
Massive Group, which trades as Digital Massive, specialises in search marketing from its headquarters in Sydney. Jaywing said the deal will expand its search marketing capabilities and cross-selling opportunities in Australia.
Jaywing will pay up to AUD4.0 million in cash to acquire 75% of Massive Group, AUD2.0 million upfront and another AUD2.0 million payable in three instalments over the next two years based on Massive Group hitting performance targets.
Jaywing will have the option to buy the remaining 25% of Massive Group in 2020.
Shares in Jaywing were untraded Thursday morning, having last traded at 30.00 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Jaywing (JWNG)