London internet services specialist continues “outstanding growth” with £56m German acquisition
CentralNic Group PLC, the London based internet platform services specialist, has now completed the acquisition of VGL Verlagsgesellschaft mbH, Berlin, Germany and its subsidiaries from its former shareholders.
VGL has been acquired for an enterprise value of EUR 60 million, with an initial consideration of EUR 67m (approx. £56m) inclusive of customary adjustments for cash and working capital.
The acquisition has been financed by an oversubscribed placing to institutional investors, raising gross proceeds of £42m, at a fixed price of 120 pence per share.
The placing has been complemented by an issue of additional senior secured callable bonds for a nominal value of EUR 21m under its existing senior secured bond, listed on Oslo Børs, at a price of 100.8 per cent of par value.
In its 2022 edition, Financial Times listed CentralNic among the “top 250 fastest-growing companies” and among the “top 50 fastest-growing technology companies in Europe”. CentralNic has enjoyed a compound growth rate of 73 per cent over the past seven years, since its AIM IPO, taking it from $4m in revenues to over $400m.
Ben Crawford, CEO of CentralNic, said: “We are delighted to see that CentralNic Group has been recognised as one of Europe’s fastest-growing companies.
“Joining forces with VGL, a major milestone on the road to becoming a world-leading online services marketplace, will allow us to continue to deliver our outstanding growth performance in 2022 and beyond.”
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