Shares in marketing firm St Ives rose above five per cent after the company announced the acquisition of Amaze from Hasgrove.
Amaze, a digital marketing agency based in London, has about 200 employees and has clients across a range of sectors including automotive and retail.
St Ives said the acquisition would strengthen its offering to new and existing clients. The firm has agreed to purchase all of the issued share capital of Amaze, on a cash and debt free basis, for £15.3m in cash.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
A further consideration of up to £9.0m may be payable depending on incremental financial performance this year.
The acquisition is subject to the approval of Hasgrove's shareholders.
"The acquisition of Amaze creates the foundation for an additional major pillar of our marketing services strategy," said St Ives Chief Executive officer Patrick Martell.
"We have strong positions in data marketing, research and consultancy services, field marketing, and now digital solutions.
"Further acquisitions will be focussed on building out these four pillars to further strengthen our integrated marketing services offering."
RD
-
Charitable giving and inheritance tax: 7 tips to avoid complicationsGiving some of your estate away to charity can save your family thousands in inheritance tax. But common pitfalls could mean your chosen cause loses out and your loved ones are left with a complex nightmare to unravel. We look at how to do donations right.
-
The UK cities where it’s cheaper to buy a house than rentFor people in some areas of the country, home ownership is a distant dream. But for others it can be surprisingly affordable.
