Digital sports media company, Perform Group, has acquired a majority stake in Mackolik Internet, which owns and operates a number of Turkey's leading independent sports websites including mackolik.com and sahadan.com.
Perform is acquiring an initial 51% stake in the business for a cash consideration of 40.8m Turkish Lira (£14.6m) based on an agreed ten times multiple calculation of the full-year audited earning before interest tax depreciation and amortisation (EBITDA) for the year ending December 31st 2012.
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The acquisition is being made to boost the firm's presence in Turkey and to grow the company through such purchases.
The two founders of the business will remain as Chief Executive Officer and Chief Operating Officer, respectively, and will retain the remaining 47% of shares in the business, with 2% of the shares will be held by an Istanbul based financial services advisory firm Odin Financial Advisors.
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