Digital Spy

Search Digital Spy
0

Media News

Perform digital group in £586m flotation

By
Laptop

© Rex Features

Perform is to float on the London Stock Exchange at a price of 260p per share, giving the digital sports rights company a market capitalisation of £586m.

Last month, Perform confirmed plans to make an initial public offering (IPO) in order to generate funds for "organic growth" and "complementary strategic acquisitions".

The company, which sprang to fame in 2009 after streaming an England international match exclusively online, becomes the first digital media firm since Moneysupermarket.com in 2007 to float on the main market of the London Stock Exchange.

Perform commercialises sports content rights across multiple internet-enabled digital platforms. The company streamed around 25,000 sporting events last year, delivering more than 1.1bn video streams.

Access Industries, the investment vehicle of American billionaire Leonard Blavatnik, owns a 58% stake in Perform, with 40% held by exiting management and staff.

The company has made an IPO of 25% of its equity and expects to raise net proceeds of £67.5m. Following the flotation, Access Industries will own 45.3% of the ordinary shares, while management will hold approximately 23.1%.

Oliver Slipper, co-founder and joint chief executive of the company, said: "We are delighted at the response to our offer from institutional shareholders who clearly share our excitement at Perform's growth story. This is the right time in our development to move to the public markets.

"Our market place is developing rapidly, with advances in technology and changes in viewing habits presenting ever greater opportunities. The listing provides us with the funds and platform to build further upon the progress we have achieved to date."

He added: "We are looking forward to life as a listed company. We are confident that our proven strategy and commitment to continue to increase the depth and breadth of our live sporting content for partners and sports fans alike will enable us to create value for all shareholders."

Discussing the IPO, Blavatnik said: "I am delighted that Perform's listing has been so well received. The strong investor demand confirms the market's confidence in Perform's future prospects and strong management team."

Credit Suisse and Morgan Stanley have been appointed as joint sponsors and co-ordinators of Perform's public offer, with the two banks and UBS acting as joint bookrunners.

You May Like

Comments

Loading...