Online media company Local.com has made an acquisition to build Spreebird, its online group deals service, with the purhcase of Screamin’ Media Group, the company behind the Screamin’ Daily Deals website.
Round-up of today’s M&A deals
Online media company Local.com has made an acquisition to build Spreebird, its online group deals service, with the purhcase of Screamin’ Media Group, the company behind the Screamin’ Daily Deals website.
Under the terms of the deal the £7.9 million deal is to be satisfied by cash, stock and debt. Shareholders of Screamin’ Media Group (SMG) have the chance of earning up to an additional £12.6 million if financial performance criteria are met during the two-year period following the closing of the transaction.
‘The acquisition of SMG serves our mission of connecting brick-and-mortar merchants with online consumers by extending our reach directly to thousands of local merchants in 14 markets,’ says Local.com chief executive officer Heath Clarke.
‘This transaction diversifies our revenues and provides us with a new way to engage consumers.’
Local.com has alos entered a two-year agreement with Google to implement ‘certain advertising and search services,’ according to a recent filing to the SEC.
Round-up of today’s M&A deals
- TripAdvisor buys travel website Where I’ve Been to advance social network connectivity
Value: undisclosed
Advisors: undisclosed
- B3 Cables has secured a new asset finance package from PNC Business Credit in refinancing deal
Value: £43.1 million
Advisors: Hill Dickinson
- NVM, an independent UK private equity firm snaps up IT supplier Tinglobal with MBO
Value: £6 million
Advisors: undisclosed
