Brightcom Group Limited cancelled the acquisition of Vuchi Media Private Limited from a group of shareholders.
September 05, 2022
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Brightcom Group Limited (BSE:532368) signed a letter of interest to acquire Vuchi Media Private Limited from a group of shareholders for INR 5.7 billion in July 2021. Brightcom Group Limited (BSE:532368) agreed to acquire Vuchi Media Private Limited from a group of shareholders for INR 5.7 billion on December 7, 2021. INR 3600 million in cash to be paid at closing, INR 1700 million in BCG stock and INR 360 million to be paid in six months from closing. After the acquisition, Vuchi Media will continue its strong trajectory serving its growing list of enterprise and market-leading clients. Vuchi Media leadership team, including Neelima Marupuru, Anush Kumar, Jason Riback and Aashay Paradkar, will continue to help guide the rapid growth of the business. Aditya Vuchi, Co-Founder, will stay on for six months to ensure a smooth transition. Transaction is subject to Requisite Statutory and Regulatory approvals. The closing of the transaction is expected to take place within 2 months from the date of signing the Share Purchase Agreement. As of December 9, 2021, board of Brightcom Group will issue and allot 14.07 million Equity Shares to Aditya Vuchi, Neelima Marupuru, Sunil Kumar Varma Potturi and Vuchi Media Employee Welfare Trust through a Preferential allotment at INR 120.02/- each (face value of INR 2/- each) at a premium of INR118.02/- for an allotment size of (INR 1688.681399 million).
Tempus Legal is serving as the legal counsel and EY as exclusive financial advisor to Brightcom Group in this transaction. Sathguru Management Consultants acted as sole transaction consultant for Vuchi Media.
Brightcom Group Limited (BSE:532368) cancelled the acquisition of Vuchi Media Private Limited from a group of shareholders on September 6, 2022.
Brightcom Group Limited is an India-based company, which consolidates advertising technology, new media and Internet of things (IoT) based businesses across the globe, primarily in the digital eco-system. The Companyâs clients include blue chip advertisers, such as Airtel, British Airways, Coca-Cola, Hyundai Motors, ICICI Bank, ITC, ING, Lenovo, LIC, Maruti Suzuki, MTV, P&G, Qatar Airways, Samsung, Viacom, Sony, Star India, Vodafone, Titan, and Unilever. Its publishers include Facebook, LinkedIn, MSN, Twitter, and Yahoo! Brightcom works with agencies like Havas Digital, JWT, Mediacom, Mindshare, Neo@Ogilvy, Ogilvy One, OMD, Satchi&Satchi, TBWA, ZenithOptiMedia and others. Its consumer products division is focused on IoT. Its LIFE product is dedicated to the future of communication and information management. The Company operates in the United States, Israel, Latin America ME, Western Europe and Asia Pacific regions.