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NewMedia SPARK
The internet investment company, headed by Tom Teichman and Mike Whitaker, has agreed terms to acquire Mark Slater's Internet Indirect. Curiously, the consideration for the deal, which values Internet Indirect at £80m, is partly in NMS shares and partly in shares in EO, a NMS investee company. There is a mix and match option whereby II shareholders can choose the proportion of NMS and EO shares. The deal, if it goes through, will leave the enlarged NMS with over £90m in cash. As the round of consolidation gathers pace, it is becoming clear that only a few players will have the clout and the wherewithal to survive, and NMS looks to be one of these.
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