Market-leading esports and gaming provider Gfinity plc has completed the acquisition of Bristol-based Megit Limited for an initial consideration of £5 million, comprising £2.5 million in cash and £2.5 million in new Ordinary Shares in the Company.
Megit Limited owns the website Stock Informer, a highly profitable e-commerce referral site for gamers and their lifestyles that operates in the UK and US. Stock Informer will be embedded into the Gfinity Digital Media division.
AIM-listed Gfinity’s strategic focus is on the growth and monetisation of the products and services they own, co-own and deliver for others. They have a fast-growing community of gamers on their six websites – Gfinityesports.com; Realsport101.com; EpicStream.com; RacingGames.gg; MtgRocks.com and StealthOptional.com, reaching up to 14 million users each month and deliver over 60 million monthly impressions on their social channels.
Ben Jackson, Associate at Schofield Sweeney says, “Congratulations to Gfinity plc and Megit Limited for creating an exciting alignment ofbrands, which gives value to both sets of shareholders.This was a deal that shows the strength of the Schofield Sweeney corporate team and showcases our expertisein the technology sector.”
A director at Megit Limited said, “Thank you to Ben at Schofield Sweeney for his professional assistance in the successful acquisition of Megit Limited. The process was conducted expertly and efficiently throughout. The acquisition will enable the continued growth and success of the Stock Informer websites.”
Megit Limited was advised by Ben Jackson, Associate, Corporate, Louise Wroe at GBAC Chartered Accountants and Keith Silman at High Royd Business Services.