Issuing a market statement on Tuesday 16 January, XLMedia governance detailed that it would place up to 16 million ordinary shares, representing circa 7.8% of the firm’s equity for sale to institutional investors.
This morning, XLMedia confirmed that it had completed the successful transaction of its placement at a target price of 198 pence per ordinary share.
XLMedia a leading industry affiliate marketing network and player acquisition specialist will use the capital to continue its M&A growth strategy.
“The Board has identified a strong pipeline of acquisition opportunities and is in various stages of due diligence with respect to several of these opportunities, although there can be no certainty that these will lead to successful acquisitions in the near term. The Board, therefore, believes the Placing will better position the Group to take advantage of the opportunities as they become available.” detailed XLMedia’s market note.
A busy start to 2018, has seen XLMedia acquire a significant share of Finnish affiliate Good Game Limited’s active portfolio; including sites Nettikasinot.com and Netticasinot.com for a total consideration of €15 million.
Updating investors, Ory Weihs Chief Executive of XLMedia commented on the transaction: “We are delighted to have received such strong support from both existing and new shareholders as we continue to see a significant opportunity to grow XLMedia both organically and through acquisition.
“This fundraising will enable us to fully capitalise on acquisition opportunities we have identified in key verticals.”