StockMarketWire.com - UTV Media has entered into an agreement to acquire 100% of the issued share capital of Simply Zesty Limited.
The initial consideration is £1.7 million, which is being satisfied from the Company's existing banking facilities, with further tranches of deferred consideration totalling a maximum of approximately £5 million, payable depending upon Simply Zesty's future trading performance. The initial consideration equates to four times the anticipated 2012 EBITDA.
Simply Zesty's clients include blue chip brands such as Sony, Vodafone, Volkswagen Group, News International and ebookers.com.
Simply Zesty was set up in 2009 and specialises in providing social media marketing services to assist businesses in creating innovative social media campaigns.
Simply Zesty is also building its international presence, which now represents more than 15% of revenues and is growing strongly.
At 8:06am: [LON:UTV] Ulster Television share price was 0p at 139p
Story provided by StockMarketWire.com
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