LONDON, UK: Brave Bison Group has entered into a conditional agreement to acquire the entire issued share capital of digital advertising company Greenlight Digital Limited and Greenlight Commerce Limited (Together Greenlight) for an aggregate consideration of c.£6.8 million.
Greenlight is a digital advertising and technology company with more than 120 employees in the UK and across Eastern Europe.
Greenlight works with blue-chip brands and omni-channel retailers on digital advertising and eCommerce technology systems. Current Greenlight clients include Dixons Carphone, Muller, GAP, Furniture Village and New Balance.
Brave Bison also announces that, in order to finance the acquisition, the Company has conditionally raised gross proceeds of c.£6.2 million by way of a placing of 455.555 million new ordinary shares of 0.1 penny each in the Company at a price of 1.35 pence per Ordinary Share with new and existing institutional and other investors.
The Placing is conditional on, inter alia, shareholder approval of certain resolutions to be proposed at a general meeting of the Company.
The Vendors of Greenlight will receive a total net consideration comprising an aggregate of £6.75 million in cash and 6,601,000 new Ordinary Shares at the Placing Price.
Transformational acquisition that is expected to be significantly earnings accretive in the current year and beyond. In FY20, Greenlight generated revenue of c.£14.3 million and Adjusted EBITDA of c.£0.8 million, more than doubling the Group’s revenues on a pro-forma basis.
Strategic leap for Brave Bison through the acquisition of in-demand and high-growth digital advertising and digital-first capabilities, such as Paid & Organic Media and eCommerce Technology.
The combination with Greenlight brings new talent, new services and new opportunities to the Group, including further expansion into APAC using Brave Bison’s existing operations in Singapore as a beachhead.
Cenkos Securities plc is acting as nominated adviser, sole broker and sole bookrunner in connection with the Placing.
Oliver Green, Executive Chairman of Brave Bison, commented: “We are building a media group for the new era: a single business that combines our own media network with digital and social marketing services, providing clients with access to both eyeballs and execution. This acquisition represents a significant step towards realising our vision and we are delighted to welcome the Greenlight team into the Group”
Theo Green, Chief Growth Officer of Brave Bison, commented: “Acquiring Greenlight will approximately double our revenues, on a pro-forma basis, and more than triple the size of our team, giving us immediate scale in the digital-first advertising market. We are thrilled to be working with such ambitious and high-quality clients and pleased to welcome a number of new institutions and shareholders to the register.”
Brave Bison Group PLC share price
1.85 GBX+0.12 (7.10%)today
12 Aug, 3:16 pm GMT+1 ·Disclaimer
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