International Marketing & Sales Group Limited (AIM: IMSG) announces the acquisition of V+O Communication, one of the leading Balkans business and marketing communication consultancies. In the year to 31 December, 2007, V+O’s turnover is expected to be about US$7.3m. IMSG has acquired the entire share capital of V+O for an anticipated maximum consideration of Euro10.75m. The exact amount of the purchase consideration, which will be paid in three tranches over the next 4 years, will be calculated by reference to the profitability of V+O over this period.
Established in 2000, V+O has grown rapidly and is today a leading agency in Greece and the Balkans. With offices in Athens/Greece, Sofia/Bulgaria and Bucharest/Romania and a team of 60 communication specialists. V+O’s clients include Coca-Cola Hellenic Bottling, HP, Romtelecom and Cosmote/Romania.
IMSG also aquired this summer romanian advertising company Friends Advertising for 2,54 mil. euro – 70% of shares.
