Next Fifteen Communication buys majority stake in Connections Media

AIM-listed public relations consultancy Next Fifteen Communications has acquired an 80 per cent stake in Connections Media, a Washington DC-based digital agency specialising in politics and public affairs.

AIM-listed public relations consultancy Next Fifteen Communications has acquired an 80 per cent stake in Connections Media, a Washington DC-based digital agency specialising in politics and public affairs.

For the year ended December 31st, Connections Media had revenues of $2.65m and profit before tax of $0.85m. The gross assets at December 31st were $1.15m.

The initial acquisition consideration was $1.85m, paid in cash at completion and the business is to be acquired with $0.55m of net working capital.

Next Fifteen said that deferred consideration may be payable over the course of the next five years subject to the achievement of certain revenue and profit performance targets. Any deferred consideration that might become payable could be satisfied by cash or up to 25% in Next Fifteen shares, at the option of Next Fifteen, the group added.

Tim Dyson, Chief Executive Officer of Next Fifteen, said: "Connections Media is a great addition to the group. As political and corporate worlds become more social and digital, the products and services offered by Connections Media become increasingly valuable.

He added: "Being able to offer such services helps us accelerate our transition from being a PR-only group into a full service digital and social communications group."

Jonah Seiger, Chief Executive Officer of Connections Media, said: "We are delighted to join the Next 15 Group of companies. This collaborative partnership will expand our ability to serve our clients and power Connections Media's continued strong growth."

MF

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