The Fusion Team have completed over 70 digital and media transactions for its private, corporate and private equity clients. For more information contact pkelly@fusioncorp.co.uk or visit our website
ACQUISITION
FDN Database Reference: F231109-298
Acquirer: The managers of the Promotions.com business, who prior to the closing were employees of the Company
ACQ Web: http://www.promotions.com
Location: USA, New York, NY
Region: North America
Description: Interactive services provider for marketers, agencies, and media companies
Category: Marketing
Vendor: TheStreet.com TSCM
Vendor Web: http://www.thestreet.com
Location: USA, New York, NY
Region: North America
Description: American financial news, stock quotes and picks website
Category: Media, Finance
Contact 1: Jim Cramer, chairman
Contact 2: Daryl Otte, CEO
Aprox. Value: $3.1M ($1M cash, $2.1M notes)
Details: TheStreet.com has sold Promotions.com for an aggregate price of approximately $3.1 million. The purchaser is a company owned by the managers of the Promotions.com business, who prior to the closing were employees of the Company. In connection with the Sale, the Company received a payment of $1.0 million in cash and notes in an aggregate principal amount of approximately $2.1 million. The notes are payable in six equal monthly installments commencing April 1, 2010. The Company was granted a security interest in the securities and assets of the Promotions.com business until the notes are fully paid, and one of the notes (with a principal amount of $0.3 million) is guaranteed by the principals of the Purchaser. In the event that, prior to December 18, 2011, there is a change in control of the Purchaser or all or substantially all of the assets of the Promotions.com business are sold for a consideration in excess of the Sale Price, the Company will be entitled to receive an additional payment from the Purchaser, equal to 50% of such excess if the event occurs on or before December 18, 2010 and 25% of such excess if the event occurs after December 18, 2010 and prior to December 18, 2011.
Link: Regulatory Filing
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