Gaming Realms set to acquire Blueburra Holdings for £10.5m
AIM-listed Gaming Realms has raised £6m in new cash to help it acquire e-gaming group Blueburra Holdings for £10.5m as part of its plan to swell its customer reach.
The group will pay an initial consideration of £5m to be satisfied by an equal split of cash, a further £2.75m in cash and up to an additional £2.75m to be satisfied by the issue of new shares.
The acquisition is expected strengthen Gaming Realms' revenues by focusing on product and marketing initiatives.
Chief executive Patrick Southon said: "The skills and aptitudes of Blueburra Holdings will complement and significantly enhance our overall marketing capabilities when combined with our recent acquisition of Quickthink Media, which has been successfully integrated into the group."
In a placing with its institutional backers, the company has conditionally raised approximately £6m from selling 18.2m shares at a heavily discounted price of 33p each.
As of 08:36 the share price had dropped 4.5% to 35p.
WS