Tsavo Media’s portfolio includes over 300 unique consumer websites, informational properties and social media blogs which generate over 30 million unique visitors per month. In 2009 Tsavo Media generated revenue of approximately $110 million and EBITDA of approximately $16.7 million, excluding management fees paid to its owners.
Ted Hastings, President and CEO of Tsavo Media, will take on the role of President in the combined organization and all other senior executives of Tsavo Media will remain with the organization.
“This is the largest and most impactful acquisition in the history of Cyberplex. We believe that it represents the next phase of growth in building a dominant Internet media company that will create significant value for our clients, shareholders and employees,” said Vernon Lobo, Chairman and co-founder of Cyberplex.
The total purchase price payable is $75,000,000, subject to post-closing adjustments. That is $37,800,000 in cash, US$2,200,000 in exchangeable shares and US$35,000,000 by way of vendor take-back notes. There is also an inducement for three of Tsavo’s existing key management personnel to enter into contracts of full time employment with Cyberplex. Full details are given in the release.
Location: Canada, Waterloo, Ontario