XLMedia enters agreement to buy remaining shares in Marmar Media
Affiliate marketing company hopes full purchase of Marmar can strengthen media growth
Digital marketing giant XLMedia has entered into an agreement to buy the remaining shares in Marmar Media it did not already own for approximately £1.8m.
XLMedia has agreed to pay £1.72m upfront with an additional amount representing 46% of Marmar’s net profits for the period from January 1 to July 31.
The AIM-listed business had previously bought a 54% stake in performance-based marketing company in June 2015, with Marmar generating revenue of almost £9m in FY16.
It said it hoped the purchase of Marmar would strengthen the group’s media channel growth and continue the diversification of its revenue and customer base.
The firm added: “Marmar is already consolidated into the Company’s financial statements. As such, the Acquisition of the minority stake will not affect the Company’s profit and loss reporting but will increase the net income attributable to equity holders of the Company as the minority holders are removed.”