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- XTD Limited (XTD) has completed the acquisition of media and marketing company, Adline Media
- XTD CEO says Adline Media’s outdoor community and sports advertising is particularly attractive
- From January 2, 2020, Adline’s business will be integrated into XTD
- Adeline Managing Director Michael Johnstone will join XTD as a Chief Operating Officer
- Shares in XTD are unchanged today, worth 3.5 cents each
XTD Limited (XTD) has completed the acquisition of media and marketing company, Adline Media.
The acquisition will be funded through a combination of cash and securities while remaining in positive cash flow and debt-free.
According to a previous announcement from December 10, 2019, the acquisition will be made for 5 million consideration shares in XTD, up to 14.4 million deferred consideration shares in XTD and an upfront cash consideration of $468,000 in cash.
XTD CEO Adam Cadwallader said the acquisition would contribute to XTD’s diversification into community and leisure sports.
“The Adline team have strengthened and systemised the business of social sport, creating new and diversified pathways with media, software and supply,” he said.
XTD plans to accelerate Adline’s business through investment in new locations and human resource in media sales.
“The acquisition will allow the team to innovate with first party data, accelerate its plans to increase its commercial base and continue to work with the businesses of indoor sporting and leisure environments to create increased customer experiences through out-of-home, online and e-Marketing,” said Cadwallader.
Adeline’s business will be integrated into XTD from January 2, 2020.
In addition, Adeline Managing Director Michael Johnstone will join XTD as a Chief Operating Officer. In a statement today, XTD said all Adeline staff will be retained.
Shares in XTD are unchanged today, worth 3.5 cents each at 11:50 am AEDT.
