Future buys FourFourTwo, What Hifi and two others from Haymarket

Specialist media platform Future has completed the acquisition of specialist consumer titles What Hi-Fi?, FourFourTwo, Practical Caravan and Practical Motorhome from Haymarket Media Group.

Following initial discussions with the Competition & Markets Authority, Future decided not to pursue the acquisition of a fifth asset from Haymarket, namely technology magazine Stuff, and in turn, lowered its consideration to as much £13m, including the issuance of 370,708 shares.

The shares issued to Haymarket are subject to lock-up restrictions for three months from the date of issue, with applications for the shares to be admitted to the London Stock Exchange's Main Market for listed securities having already taken place.

The four acquired titles generated revenue of £9.6m in the last financial year to June 2017.

As of 1700 BST, Future shares had picked up 2.52% to 456.22p.