Electric Word is going private in a deal worth £16.58m

In a RNS this morning Electric Word has announced that it has agreed to its sale to a newly incorporated company controlled by owned and controlled by Riccardo Silva and Marco Auletta of Silva International for a total sum of approximately £16.58m. Since disposals of other assets last year Electric Word’s sole business has been SportBusiness, a name which the business will now revert to.

Commenting on the Acquisition, Marco Auletta said: “The Acquisition of SportBusiness Group through its parent company, Electric Word, is fantastic news, both for SportBusiness Group and Silva International.  SportBusiness Group is a great addition to Silva International’s portfolio of assets under management across sport, media, entertainment and technology and we are confident that, through our networks and many years of experience across sports and media, we will be able to support SportBusiness Group as it seeks to grow more quickly. 

SportBusiness Group has established a reputation for the quality of its market-intelligence, consultancy expertise and journalistic content and this is testament to the capability of its staff, at all levels.  Silva International is looking forward to working with and helping to support the team at SportBusiness Group as it expands the business in the years ahead.” 

Commenting on the Acquisition, Andrew Brode, Non-Executive Chairman of Electric Word said: “Following Electric Word’s recent disposals, the Group’s operations now consist solely of those of SportBusiness Group. SportBusiness Group has performed well increasing its revenue and profit in the year to November 2016 with increased market penetration and a growing subscription base of loyal customers. Whilst the board of Electric Word remains confident of the future prospects for SportBusiness Group we firmly believe that this transaction is in the best interests of all Electric Word stakeholders, including shareholders, employees and customers. The Acquisition will provide SportBusiness Group with a broader platform and additional experience which should assist it to achieve long term growth and success. The board of Electric Word believes that the Acquisition is attractive and provides Electric Word Shareholders with an opportunity of a full cash exit at a premium to the current share price.”

For the full press release click here