Perform Group plc announces that it has agreed to acquire the remaining 40% of shares it does not currently own in the company WatchandTrade Limited for £550,000 initial cash consideration with a maximum deferred cash consideration of £5.85m payable. The deferred consideration will be based on an agreed multiple calculation of the full year EBITDA results of the business for the years ending 31 December 2011, 2012 and 2013.
WatchandTrade was established in November 2009 and delivers live sports video content and technical services to sportsbooks. Perform subscribed £60,000 for its 60% ownership stake in January 2010.
The remaining 40% shareholding will be acquired from the founder shareholder and Managing Director Michael Cobain, who will continue to serve as Managing Director after the acquisition.
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