StockMarketWire.com - Domain name and web services provider CentralNic has completed the $45m acquisition of Germany-based Team Internet AG.

Under the terms of the transaction announced on 18 November, as well as paying $45m in cash, the company has agreed to issue 3.9m ordinary shares in CentralNic to the vendors of Team Internet.

The $45m in cash ($3m of which is deferred) is being funded by CentralNic via a €40m further bond issue of its existing senior secured bond.

CentralNic CEO Ben Crawford said, 'The acquisition of Team Internet is a natural extension of CentralNic's domain sales business and a major step in adding domain related web services to CentralNic's service offering.

'It is another web-based recurring revenue business that will be significantly earnings enhancing for the financial year ending 31 December 2020.'


At 9:29am: [LON:CNIC] Centralnic Group Plc share price was +4p at 78.5p



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