International legal practice Osborne Clarke has advised Ebiquity plc, a world leader in media investment analysis, on its successful and significantly over-subscribed £15 million placing and acquisitions of Media Path Network AB ("MediaPath"), a Swedish-based multi-national media consultancy, and Media Management, LLC (trading as MMi) ("MMi"), a US-focused media audit specialist.
Ebiquity will use the net proceeds of the placing to fund the cash consideration element of the MediaPath acquisition with the balance used to accelerate organic and inorganic growth of the enlarged business, to strengthen its balance sheet and for transaction fees and expenses
MediaPath is a technology-driven multi-national media consultancy founded in Stockholm, Sweden. It specialises in performance measurement, benchmarking and pitch management delivered through a proprietary technology platform. MMi is a US-focused media audit specialist providing clients with transparency and accountability of their media investments, and agency performance validation using its proprietary Circle Audit® technology
Completion of the acquisition of MMi took place today (4 April 2022). The placing and issue of the share consideration element of the consideration due to MediaPath are conditional, among other things, on approval of Ebiquity's shareholders. Completion of the acquisition of MediaPath is expected to occur not later than 22 April 2022.
Panmure Gordon (UK) Limited acted as Financial Adviser, Nomad, Sole Broker and Sole Bookrunner to Ebiquity.
The Osborne Clarke team advising Ebiquity on the transaction was led by Partner Rebecca Gordon who was assisted by Associate Director Ed Nisbet and Senior Associate Stuart Miller. Stockholm Partner Mikael Nelson and Associate Beatrice Suomela were advising on the Swedish law aspects of the MediaPath acquisition.
Following on from Next Fifteen Communications Group plc's £50m placing to fund the acquisition of Engine Acquisition Limited, this transaction represents the second significant fundraise to fund M&A activity that Osborne Clarke have recently advised on in challenging market conditions. Partner Rebecca Gordon said "We are delighted to have acted for long standing client Ebiquity on its transformative acquisitions of MMi and MediaPath as well as its very successful placing. This comes off the back of a large fundraise acting for Next Fifteen and demonstrates that for the right companies there is still money available in the equity markets".
Osborne Clarke’s Corporate team, which is Band 1 ranked for Capital Markets: AIM by Chambers, is considered a go-to practice for many companies, working with global businesses to fast-growth start-ups and market challengers. The team advises at every stage of company development across all corporate issues, from equity and debt fundraisings to M&A, IPOs and JVs.