KIT digital buys U.S. Multicast for $18 mln

PRAGUE, March 15 Mon Mar 15, 2010 7:09am EDT

PRAGUE, March 15 (Reuters) - Video technology provider KIT digital KITD.O KITDsp.PR agreed to buy privately held U.S. group Multicast Media Technologies for $18 million in cash and stock, it said on Monday.

The deal, to be closed by March 31, will be paid with $4.9 million in cash and 1.3 million KIT digital shares. KIT digital will also take over $4.6 million in long-term liabilities.

The Nasdaq- and Prague-listed KIT digital also said it would use $15 million raised in a share offering last week to buy back 4 million outstanding warrants.

It estimated it would have 17.7 million shares following the deals and hold $15 million in net cash and equivalents. [ID:nLDE62B1IP] [ID:nWEN1230] (Reporting by Jason Hovet; Editing by David Holmes)

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