Aegis makes China buy as part of regional development
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Media and digital communications business Aegis has made a Chinese acquisition through the purchase of Catch Stone.
AIM-listed Aegis has bought Catch Stone for an initial £55.2 million to strengthen its position in digital media planning and buying in China.
According to the company, the buy is in line with its strategy of targeting acquisitions with a 'specific focus' on digital businesses and faster-growing regions.
Catch Stone provides digital media planning as well as a range of digital marketing services in areas such as creative origination and social media. The business has a focus on the automotive and financial services sectors and counts Audi, Nissan and Industrial Bank as clients.
Following the deal Catch Stone will become a separate network brand for Aegis Media in China alongside its other network brands, including Carat, Vizeum, Isobar, iProspect and Posterscope.
Under the terms of the earn-out structured deal, from 2013 to 2016, the total consideration could be pushed up to £95.2 million.
If Catch Stone 'significantly' outperforms current forecasts, the company could be in line to receive £150.4 million. All considerations will be paid in cash.