Chester-headquartered identity intelligence specialist GBG has agreed a landmark £74m acquisition, which will be part-funded by a major share placing to raise up to £58m.
The AIM-listed company has agreed to buy address validation services provider Postcode Anywhere (Holdings), which trades as PCA Predict and uses data to predict customers’ online behaviour.
GBG said that the business is "highly complementary" and will operate alongside similar services GBG Matchcode360 and GBG Loqate.
To fund the deal, GBG plans to place 17.1 million ordinary shares at 340p each to raise up to £58m. The remainder of the £73.9m consideration will be paid in cash, of which £10m will be held in escrow.
If all 17.1 million shares are issued, they will represent approximately 12.7 per cent of the company's existing share capital.
Chris Clark, chief executive of GBG, said: "Bringing together PCA Predict's easy to deploy SaaS [software-as-a-service] platform with our existing in-depth GBG Identity Data Intelligence datasets creates a leader in address data intelligence.
"There is a strong strategic and cultural fit in combining the capabilities of PCA Predict and GBG which will bring significant benefit to our customers."
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