Sir Martin Sorrell's S4 Capital eyes the US with £120 million deal

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Sir Martin Sorrell’s S4 Capital has stepped up its ambitions to break America, snapping up Silicon Valley-based digital marketing firm Firewood for $150 million (£120 million). 

Firewood, which has more than 300 employees and whose major client is Google, will merge with Amsterdam-based MediaMonks, a digital company that is S4’s biggest division. 

Sorrell said: “Firewood has an enviable client list comprising many of Silicon Valley’s finest.” S4 has paid $112.5 million up front — half in cash and half in shares — and a further $37.5 million will be dished out if Firewood hits its targets this year. 

Yesterday S4 completed a £100 million share sale and Sorrell said the cash left over will be used to fund another wave of takeovers.

Sorrell said: “We over-raised. Expect more acquisitions this quarter.”

S4 has grown rapidly since it was founded in May 2018 and Sorrell has carried on his acquisition-hungry strategy which he implemented for 33 years at WPP.  S4 Capital shares were up 5p at 145p.

Source Article from https://www.standard.co.uk/business/sir-martin-sorrells-s4-capital-eyes-the-us-with-120-million-deal-a4256716.html

October 8, 2019 |
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