Perform Group acquires majority stake in Mackolik Internet Hizmetleri Ticaret
Jun 29, 2012 (Datamonitor Financial Deals Tracker via COMTEX) -- Perform Group plc, a UK-based digital media company, has acquired a majority stake in Mackolik Internet Hizmetleri Ticaret A.S. (Mackolik).
Mackolik is a Turkey-based owner and operator of sports websites including mackolik.com and sahadan.com.
As part of the consideration, Perform Group is acquiring an initial 51% stake in Mackolik for cash consideration of TRY40.8 million ($22.42 million). This initial payment will be made out of Perform's existing cash resources. In addition, Perform Group will acquire the remaining 49% for cash, based on an agreed ten times multiple calculation of the average full year audited EBITDA results of the business for the years ending December 31, 2014 and 2015 weighted 25% and 75%, respectively, with maximum additional consideration payable in March 2016 of up to GBP60.4 million.
Mackolik has been acquired from the two founders and three private investors. Following the completion of the acquisition, Mackolik's founders Erdem Yurdanur and Tarkan Onar will retain the remaining 47% of shares in the business, with the three private investors exiting. 2% of the shares will be held by an Istanbul based financial services advisory firm Odin Financial Advisors.
Deal Value (US$ Million) 22.42 Deal Type Acquisition Sub-Category Majority Acquisition Deal Status Completed: 2012-06-29 Deal Participants Target (Company) Mackolik Internet Hizmetleri Ticaret A.S.
Acquirer (Company) Perform Group plc Vendor (Company) Undisclosed Vendors Deal Rationale The acquisition will allow Perform Group to enhances its presence in Turkey.
% Acquisition 51%
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