Next Fifteen snaps up AIM-listed Upstream's PR businesses

Next Fifteen Communications has agreed to buy the international PR businesses of AIM-listed Upstream Marketing and Communications and will integrate them into Bite Communications.

Next Fifteen chief executive: Tim Dyson
Next Fifteen chief executive: Tim Dyson

The operations affected are located in Beijing, Shanghai, Hong Kong, Singapore and Sydney.

The initial consideration will be US$0.9m paid in cash on completion of the transaction and the assumption of $0.2m of UPS liabilities, for a total of $1.1m.

Next Fifteen will own 55 per cent of Upstream Asia. A Hong Kong based company called Asset Pioneer will own the residual 45 per cent, which Next Fifteen has an option to acquire over the next five years.

The transaction is expected to be completed before the end of the month.

As a result of the deal, Upstream will have no further interest in public relations.


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