Mood Media Acquires DMX
Adrian J Cotterill, Editor-in-Chief
Mood Media Corporation (ISIN: CA61534J1057) (TSX:MM/ LSE AIM:MM) announced Monday that it has signed an agreement to acquire DMX Holdings, Inc. for USD 86.1 million in cash including net debt repaid on closing, subject to certain adjustments for working capital.
The equity value of the transaction will be approximately USD 53.8 million.
Mood Media will have to complete a private placement of 31,800,000 common shares in the UK and Canada (issued at 231 pence per common share and C$3.60 per common share respectively) raising GBP 73.5 million (before expenses) in order to fund the acquisition.
Both the DMX acquisition and the private placement are subject to the satisfaction of various regulatory and other conditions, including admission of the common shares to be issued under the private placement to trading on AIM. Mood Media anticipates the closing of both the DMX acquisition and the private placement will occur in March 2012.
DMX is a US provider of multi-sensory branding services and (still) claims to deliver services to over 100,000 locations. DMX of course sold off their ‘international’ business to Mood back in 2006 when Mood started off on its global domination acquisition spree.
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