- Next Fifteen Communications has acquired the entire issued share capital of Velocity Partners Ltd, a B2B digital agency with a focus on technology clients.

Initial consideration was about £5.9m, of which about £4.9m was to be satisfied in cash with the balance to be satisfied by the issue to the vendors of 251,966 new ordinary shares in Next 15.

Further consideration might become payable based on the average profits of Velocity for the years ending 31 April 2018, 31 January 2019, 31 January 2020, 31 January 2021 and 31 January 2022.

Any deferred consideration that became payable may be satisfied by cash or up to 25% in new ordinary shares, at the option of Next 15.

The acquisition was expected to be earnings-enhancing for the group in the current financial year. F

Story provided by