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Ebiquity PLC announces acquisition of china media consulting group

Wednesday, 15 Jan 2014 02:00am EST 

Ebiquity PLC:Says the acquisition of the entire issued share capital of China Media Consulting Group Limited, the Hong Kong incorporated holding company of the CMCG group (CMCG).CMCG is being acquired for an initial cash consideration of HK$20 mln (about 1.6 mln pound ) which is being satisfied from existing banking facilities.The maximum total consideration is up to HK$85 mln (about 6.7 mln pound ), payable in cash, depending on the performance of the CMCG business in the five financial years ending Apr. 30, 2017.CMCG is being acquired from its founder Alex Abplanalp. Mr Abplanalp will remain as Chief Executive of CMCG and will be Chief Executive of Ebiquity's China business. 

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