Update: Accretive acquisition - FY16e EPS raised
GBG has announced the acquisition of UK-based Transactis, which delivers anti-fraud and marketing related services to both the private and public sectors in the UK. Initial consideration is £5.0m, made up of £4.5m cash and £0.5m in shares. Further consideration of £1.0m is contingent on performance over the next 12 months. Management anticipates completion to be at the end of this month. GBG’s management expects this acquisition to be earnings accretive in the first full year of ownership. Based on the profitability of Transactis, we raise our estimates for FY15 and FY16 revenue and PBT, and normalised EPS for FY16 by 0.3p to 7.1p.GB Group is engaged in the provision of identity data intelligence services. Co. has two operating segments: Identity Proofing, which provides electronic ID Verification services for combating ID fraud, money laundering and under-age gambling, ID Employ & Comply services for employee authentication and screening, and ID Fraud & Risk Management services; as well as Identity Solutions, which provides ID Registration, ID Engage and ID Trace & Investigate software and services that provide consumer information and facilitate understanding, targeting and retention of profitable consumers. Between them, the segments have six complementary lines of business including ID Verification and ID Engage.
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