Next Fifteen buys integrated digital agency Elvis for £5.5m
By Michele Maatouk
Date: Friday 15 Sep 2017
(ShareCast News) - Digital communications group Next Fifteen has bought UK-based integrated digital agency Elvis Communications for £5.5m in cash.
The consideration comprises a £5m up-front payment for the business followed by a deferred payment of up to £0.5m and the deal is expected to be modestly earnings enhancing for Next 15 in the current financial year.
For the year ended 31 December 2016, Elvis reported adjusted net revenues of £4.7m, adjusted earnings before interest, tax, depreciation and amortisation of £0.75m and net assets of £0.9m.
Elvis, whose clients include global brands such as, Cadbury, Honda, Stella Artois, Budweiser, Corona and Kenco, will be bought on a cash-free, debt-free basis.
Chief executive officer Tim Dyson said: "The future of marketing will be determined by how it embraces technology and data. Elvis, which is renowned for its creativity, shares this vision and will be a great addition to Next 15.
"The team has already partnered with our MIG team and we see several opportunities for them to connect with other parts of the group going forward. Most importantly, we are excited to have the Elvis team as a part of the group. Visions and missions are nothing without the talent to execute them."
At 1000 BST, the shares were up 2.6% to 427.75p.
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