In-Deed Online to acquire Epic Group
Oct 22, 2013 (MarketLine Financial Deals Tracker via COMTEX) --
In-Deed Online plc, a provider of online conveyancing services, has agreed to acquire the entire issued and to be issued share capital of Epic Performance Improvement Limited (Epic Group Limited), an e-learning company, for GBP16.3 million. Both the companies are based in the UK.
The consideration comprises the issue of 255 million shares to Epic shareholders at a price of GBP0.059 per ordinary share and a payment of GBP1.32 million in cash.
Following the transaction, In-Deed Online will be renamed as Learning Technologies Group plc and Epic's management team will become directors and major shareholders in In-Deed Online.
The 43.6% of existing shareholders in In-Deed Online, including the Board, have irrevocably undertaken to vote in favor of the transaction.
Epic Group had generated revenues of GBP6.9 million and operating profit of GBP0.8 million for the year ended December 31, 2012.
Numis Securities Limited is acting as financial advisor and College Hill Associates is acting as PR advisor to In-Deed Online.
The transaction is expected to complete on November 8, 2013.
Deal Value (US$ Million) 26.34
Deal Type Acquisition
Sub-Category 100% Acquisition
Deal Status Announced: 2013-10-22
Target (Company) Epic Performance Improvement Limited (formerly Epic Interactive Media Group Limited)
Acquirer (Company) In-Deed Online plc
Vendor 1 (Company) Undisclosed Investors*
Vendor 2 (Company) Epic Performance Improvement Limited - Management Team
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