Extreme Reach has announced plans to acquire the advertising distribution business unit and other TV businesses of Digital Generation, Inc. (DGIT) for around $485 million.
The deal is subject to approval by DGIT shareholders and regulators.
The move will greatly expand Extreme Reachs platform for managing and delivering video advertising campaigns for TV, online, mobile and connected TV.
Extreme Reach, which is headquartered in Needham, Mass. and has offices in New York, Chicago, Burbank (Calif.), Detroit, Toronto, San Francisco, Dallas, Seattle and Louisville, currently works with more than 3,000 advertisers and agencies.
As a result of the deal, DGIT, which is been a major player in delivering broadcast content, ads and production services to the TV industry, will no longer offer broadcast-related services, the companies said.
It will instead shift its focus to its online media and services businesses, including its MediaMind offering.
DGIT has been exploring a possible sale since 2012 but as recently as June had rejected an offer from Extreme Reach, according to Bloomberg.
Our vision from day one has been to power digital video advertising, said John Roland, CEO of Extreme Reach. This acquisition is a major step in that direction. Our platform is the first platform to leverage the same...[30 second] commercial across TV, online and mobile.
The companies reported that the transaction will take place in two contemporaneous steps with DGIT distributing its online business to DGIT shareholders in the form of a new publicly-traded company and Extreme Reach acquiring the remaining DGIT business in a cash merger.
The acquisition will be financed by a combination of cash and debt financing as well as new equity from existing investors of Extreme Reach.
J.P. Morgan and SunTrust Robinson Humphrey have agreed to act as joint lead arrangers and joint bookrunners for a proposed $475 million Term Loan syndication to finance the deal.
Spectrum Equity, which invested $51 million in Extreme Reach in May 2013, has agreed to invest as much as $47 million to facilitate the acquisition.
The companies expect the transaction to close in the first quarter of 2014.
Berenson & Company acted as exclusive financial advisor and Pierce Atwood LLP acted as legal advisor to Extreme Reach in the transaction, according to the companies.
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Extreme Reach has announced plans to acquire the advertising distribution business unit and other TV businesses of Digital Generation, Inc. (DGIT) for around $485 million.
