Catena Media has taken steps to solidify its financial vertical lead by acquiring news website LeapRate.com, a Forex Exchange news portal.
Specifically, LeapRate.com specialises in providing news and information on the global Forex sector.
The site’s covers stories on companies providing retail and institutional FX, CFDs and cryptocurrency trading, alongside those providing technology and services to the industry.
According to a statement from the company, the initial purchase consideration, which is payable on the completion of the transaction, totals an up-front payment of $4 million (USD).
$2 million of which will be paid through the medium of newly issued shares in Catena Media and the remainder in cash.
The shares will be issued at market value, calculated as the volume-weighted average price for Catena Media’s shares on the Nasdaq Stockholm exchange during a period of 30 trading days measured in connection with the date of signing.
In addition to this, the seller may receive an earn-out payment based on the performance of the acquired business over a period of 12 months.
Catena Media may choose to pay 50 percent of the earn-out in cash or in newly issued shares.
Chief Executive, Per Hellberg commented on the deal:
“This acquisition is in line with our strategy for growth and further establishes our position as lead generator in the financial vertical. We are very pleased to welcome LeapRate.com into the Catena Media family and look forward to helping the company realize its full potential.”
This latest acquisition comes after a series of purchases in the area, including US-based premium equity service, The Hammerstone back in June.
Hammerstone is an online news platform that gives subscribers real-time updates and analytics on stocks.
Catena Media has around 300 employees in various locations including the US, Australia, Japan, Serbia, the UK, Sweden and Malta, where the company is headquartered.
The company is currently listed on Nasdaq Stockholm Mid Cap.
The company’s total sales for 2017 came in at €67.6 million.
Shares in Catena Media are currently trading -0.40 percent as of 11.07AM (GMT).
