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Frontier Digital Ventures (ASX:FDV) - - The Market Herald
Source: Frontier Digital Ventures
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  • Frontier Digital Ventures (FDV) is set to have 100 per cent ownership of South American property portal, InfoCasas
  • FDV has held an interest in InfoCasas since 2017 and through a sale agreement plans to acquire the remaining 49 per cent
  • Under the agreement consideration for the remaining shares will comprise an upfront cash component and a performance-based earn-out in two tranches
  • FDV says the transaction will consolidate its position in South America and facilitate greater partnership and monetisation opportunities
  • Shares closed the day 4.07 per cent higher at $1.28 each

Frontier Digital Ventures (FDV) is set to have 100 per cent ownership of South American property portal, InfoCasas.

FDV has held an interest in InfoCasas since 2017 and through a sale agreement plans to acquire the remaining 49 per cent.

Under the agreement with InfoCasas' other shareholders, consideration for the remaining shares will comprise an upfront cash component of $8 million and a performance-based earn-out in two tranches.

Calculation of the two earn-out consideration payments will be based on revenue and Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) targets at the completion of financial year 21 and 22.

CEO of InfoCasas Ricardo Frechou will retain his position and continue to manage the operations of the business through to the end of financial year 2022.

The agreement follows on from the recent acquisitions of Fincaraíz in Colombia and Yapo in Chile.

FDV said the transaction would consolidate the company's position in South America with three wholly owned businesses, which is expected to facilitate greater partnership and monetisation opportunities.

Looking forward, FDV's founder and CEO Shaun Di Gregorio said the company continued to assess opportunities to scale across emerging markets, with a focus shifting back to Developing Asia.

Shares closed the day 4.07 per cent higher at $1.28 each.

FDV by the numbers
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