LONDON (ShareCast) - International marketing services group St Ives has completed the acquisition of US digital consultancy group Solstice Consulting for £27.4m.
The group said the deal will consist of £20m in cash and approximately 2.6m of St Ives shares, adding that a further sum of up to £25.3m could be paid subject to performances over the current and the next two financial years.

The London-listed group said Solstice will operate as its subsidiary and will continue to be managed from its current location by its existing team, adding the acquisition was in line with its international expansion strategy.

"The deal supports the growth of the group's marketing services division, while expanding our presence and capabilities in the Americas," said St Ives chief executive Matt Armitage.

In 2014, the Chicago-based company reported adjusted earnings before interest, depreciation, tax and amortisation of £2.7m on revenue of £16.5m, while gross assets were £5.1m.

St Ives shares were down 2.69% to 174.67p at 09:48 on Tuesday.

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