The Reader’s Digest Association has sold substantially all of its Lifestyle and Entertainment Direct business to Mosaic Media Investment Partners LLC.
The sale includes Direct Holdings Americas, Saguaro Road Records and many of the assets of Direct Entertainment Media Group. Reader’s Digest said, “The sale proceeds were not material.”
USA, New York, NY
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Perform Group plc a company that distributes and commercialises sports content across connected digital platforms, has acquired a majority stake in Mackolik Internet Hizmetleri Ticaret A.S. which owns and operates a number of Turkey’s sports websites including mackolik.com and sahadan.com.
Perform is acquiring an initial 51% stake in the business for cash consideration of 40.8 million Turkish Lira (TRY) (£14.6 million) based on an agreed ten times multiple calculation of the full year audited EBITDA results of the business for the year ending 31 December 2012. This initial payment will be made out of the Group’s existing cash resources and will be adjusted if reported EBITDA for 2012 is higher or lower than the current forecast of TRY 8 million. In addition, Perform will acquire the remaining 49% for cash, based on an agreed ten times multiple calculation of the average full year audited EBITDA results of the business for the years ending 31 December 2014 and 2015 weighted 25% and 75% respectively, with maximum additional consideration payable in March 2016 of up to £60.4 million.
Oliver Slipper, joint CEO of Perform commented: “We continue to execute our strategy of augmenting our strong organic growth with selective acquisitions and are delighted to have announced the acquisition of Mackolik. Turkey is a hugely exciting opportunity for Perform, given the rapid growth in online advertising and internet usage and its young and growing population. Within this important geography, Mackolik is the clear market leader with a fantastic portfolio of websites and content. We are delighted to be able to welcome Mackolik to the Perform Group.”
Perform will report first half results on 30th August 2012.
UK, London & Turkey
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DiMi Telematics International, a cloud-based, M2M communications solutions provider, has acquired mobile app provider Green Genie.
Available for the iPhone, iPod Touch and iPad, Green Genie is an app that provides its users with a collection of green projects and resources, making it a comprehensive guide to sustainable living. It provides a breakdown of certified green products and technologies, glossary of green terms, collection of essential reading, links to the best green web sites and organisations, and links to various carbon footprint calculators. Users can also submit their own ideas, projects and resources. As of June 1, 2012, Green Genie had nearly 14,000 active app subscribers.
“In addition to providing DiMi with a new high margin revenue stream, Green Genie provides us with a powerful marketing platform that we can now leverage to aid our Company in achieving our underpinning mission: to reduce the collective carbon footprints of consumers, commercial businesses, government agencies and industrial enterprises on a worldwide basis,” stated Barry Tenzer, President and CEO of DiMi. “More specifically, Green Genie will allow us to take an innovative, fresh and responsible approach to building awareness of the DiMi brand and to ultimately promote our cloud-based M2M solution to prospective customers around the world.”
USA, New York, NY
Internet Brands has acquired SatisFacts Research, the resident feedback, performance monitoring, and retention enhancement service provider in the multifamily industry. SatisFacts will be combined with ApartmentRatings.com, an Internet Brands property that is the largest source of online renter reviews and a key source of information for prospective residents.
Founded in 2000 by property management industry veteran Doug Miller, SatisFacts provides resident feedback and performance enhancement programs, servicing hundreds of management companies that oversee more than 1 million units nationwide. SatisFacts’ programs provide year-round performance monitoring and client support programs that help enhance resident satisfaction, loyalty, retention and online reputations.
“SatisFacts has led the way in helping property managers understand their reputations and the drivers of satisfaction amongst their residents,” said Wade Hewitt, VP of Internet Brands and general manager of ApartmentRatings.com. “Combining this knowledge and service with the existing property manager-related services of ApartmentRatings enables us to provide property managers with an unparalleled end-to-end view of the customer.”
The Satisfacts team will remain in place post-acquisition.
USA, Los Angeles, CA
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Mecom Group plc has completed the sale of Mecom Europe AS, which is the holding company for Edda Media AS, Mecom’s media business in Norway to A-pressen AS. This follows the earlier announcement that the Norwegian Competition Authority had cleared the sale. Edda operates 33 newspaper and websites.
Fusion DigiNet reported the sale agreement in December. the business was sold for an enterprise value of NOK1,725 million (€222 million).
The enterprise value of NOK1,725 million (€222 million) represents 7.9 times Edda Media’s FY 2010 EBITDA and 7.2 times Edda Media’s FY 2011 consensus EBITDA.
After adjusting for certain minority interest, net debt and working capital items, the effective proceeds to Mecom for the Mecom Europe shares are expected to be approximately NOK1,800 million (€231 million) of which approximately NOK300 million (€39 million) will be represented by cash in Edda Media.
In addition, Mecom’s sale and purchase agreement with A-pressen includes a conventional price adjustment mechanism such that, subject to the preparation and agreement of completion accounts, Mecom will receive an additional cash payment from A-Pressen for the free cash flow generated by Edda Media between 31st December 2011 and completion. Mecom anticipates that these incremental proceeds will be received within 3 months of completion.
Tom Toumazis, Chief Executive Officer of Mecom, commented, “We are delighted by the Norwegian Competition Authority’s announcement today which will allow us to complete the sale of Edda Media, resulting in a further significant improvement in the Group’s financial position. We are grateful to A-pressen for their co-operation throughout the past months and wish all our people at Edda Media well for the future.”
Norway, Oslo & UK, London
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Microsoft Corp. is to acquire Yammer, a provider of enterprise social networks, for $1.2 billion in cash. Yammer will join the Microsoft Office Division, led by division President Kurt DelBene, and the team will continue to report to current CEO David Sacks.
“The acquisition of Yammer underscores our commitment to deliver technology that businesses need and people love,” said Steve Ballmer, CEO, Microsoft. “Yammer adds a best-in-class enterprise social networking service to Microsoft’s growing portfolio of complementary cloud services.”
Launched in 2008, Yammer now has more than 5 million corporate users, including employees at 85 percent of the Fortune 500. The service allows employees to join a secure, private social network for free and then makes it easy for companies to convert a grassroots movement into companywide strategic initiative.
Yammer will continue to develop its standalone service and maintain its commitment to simplicity, innovation and cross-platform experiences. Moving forward, Microsoft plans to accelerate Yammer’s adoption alongside complementary offerings from Microsoft SharePoint, Office 365, Microsoft Dynamics and Skype.
“When we started Yammer four years ago, we set out to do something big,” Sacks said. “We had a vision for how social networking could change the way we work. Joining Microsoft will accelerate that vision and give us access to the technologies, expertise and resources we’ll need to scale and innovate.”
USA, Redmond, WA & San Francisco, CA
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B2B media company Penton Media has acquired Highline LP. Formed in 1992, HighLine provides airport, ground handling, fuel and services information to the aviation industry. Since 1998, HighLine has collaborated with Penton’s AC-U-KWIK, the FBO directory serving the business aviation market as well as other new products. Terms of the deal were not disclosed.
“The Highline/AC-U-KWIK relationship goes back many years and we are pleased to be able to integrate the two businesses and develop even more robust digital products,” said David Kieselstein, CEO of Penton Media. “We welcome Gillian and Alain George, the founders of Highline, and their team to Penton.”
Gillian and Alain George, will become directors of the group.
USA, New York, NY & UK, Ascot, Berkshire
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Thomson Reuters, has acquired Zawya Limited, an online service supplying profiles of companies in in the Middle East and North Africa, along with real-time news and research, and an online network for professionals. The terms of the deal were not disclosed.
Zawya was bought from Saffar, a MENA focused financial services and investment group.
Arma Partners acted as exclusive financial adviser to Saffar, and SNR Denton and Maples & Calder acted as legal advisers to Saffar on the sale of Zawya.
UAE, Dubai
UPDATE:
In a statement issued today, the Board of Dods has announced that they have decided not to pursue any further the possible acquisition of the business of the DeHavilland Political Intelligence division of Emap Limited following the referral to the Competition Commission by the Office of Fair Trading.
Original story:
The acquisition by political information business Dods of the political intelligence division of DeHavilland has been referred to the competition commission.
In an announcement the board of Dods said they are ” disappointed that the acquisition of the business of the DeHavilland Political Intelligence division of Emap has been referred to the Competition Commission by the Office of Fair Trading.”
The OFT said that the evidence before them suggests that, as a result of this merger, Dods will not face sufficient competitive constraints and this could result in higher prices or less quality for UK customers procuring political intelligence services.
Political intelligence companies monitor and track political issues on behalf of customers. A wide range of companies, public and voluntary sector organisations, as well as communications and public affairs consultancies, rely on the provision of regular, accurate and timely political intelligence.
The OFT’s investigation found that the merger parties are the two largest dedicated suppliers of these services and that close competition between them is a very important tool for UK customers to benefit from competitive prices and valued services. The merger parties’ competitors are smaller in size, scale and scope. These findings were informed by the OFT’s market investigation and an extensive customer survey submitted by the merger parties.
As a result, it is the OFT’s view that removing such significant rivalry between the merger parties might substantially lessen competition and lead to higher prices, a decline in the quality of those services or both.
Given its concerns, the OFT therefore considers it appropriate for the Competition Commission to undertake a further investigation into this matter. Ali Nikpay, OFT Senior Director and Decision Maker in this case, said: “This merger would bring together by far the two largest players in the UK market. The evidence also suggests that DeHavilland and Dods are each other’s closest rivals. Based on the information before us we do not believe that this loss of competition would be compensated through expansion by smaller rivals, entry by new players or customers switching to self-supply. As such, we consider it appropriate to refer the merger to the Competition Commission for further investigation.”
Dods still intends to raise around £6.8 million to finance other growth initiatives and acquisitions, whether the deal goes ahead or not.
UK, London
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The Lagardère group has succeeded in a hostile takeover of LeGuide.com. Lagardère announced on Monday that they have acquired “more than the majority of the share capital of online shopping company LeGuide.com at the end of the voluntary public offer.”
Lagardère had initially offered €24 per share. this was raised to €28 per share valuing the company at €98.2 million. According to a report in LeExpress, in 2011 LeGuide.com made a net profit of €500K on a turnover of €28.2 million and the stock market had values the business at €88 million before the new offering.
The announcement said, “By acquiring for a reasonable price a profitable and fast growing company, which is no.1 in Europe in the price comparison business, Lagardère Active strengthens its position on the performance based monetization market, and thus confirms its strategy of digitalization and its positioning on creation and monetization of audiences.”
France, Paris
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