(Sharecast News) - Advertising firm Mission Group has acquired sports marketing agency Influence Sports & Media for an initial consideration of £1.5m.
Mission Group said on Thursday that the acquisition marked the latest step in its Mongoose agency's plans to strengthen and scale its social media and marketing capabilities across the sports and entertainment markets.
The AIM-listed group stated the initial consideration will be satisfied by a cash payment funded through existing cash resources, while deferred considerations of up to £8.0m will be made payable, contingent on Influence's financial performance in 2023, 2024, and 2025.
Mission expects the acquisition to be earnings-enhancing with immediate effect.
Chief executive James Clifton said: "In challenging times, Mission continues to make good progress against our strategic priorities. Our latest investment in our leading entertainment, sports, lifestyle and marketing agency Mongoose Group, through the acquisition of Influence Sports & Media, is yet another example of our commitment to developing our capabilities and client servicing offering, ensuring the group is well placed for long-term growth."
As of 0915 GMT, Mission shares were up 1.67% at 4 7.78p.
Reporting by Iain Gilbert at Sharecast.com
The Mission Group (TMG)