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Billetts sells to Thomson in pounds 13m deal.(Thomson Intermedia PLC)(Brief Article)
John Billett nets almost pounds 10 million as Thomson looks to build its media offer.
Billetts, the media auditing and marketing consultancy company, has been bought by the media monitoring company Thomson Intermedia in a deal worth up to pounds 13.1 million.
John Billett, the 61-year-old founder and chairman of Billetts, will pocket nearly pounds 10 million for his 75 per cent stake in the company, if it meets the profits targets set by its new owner.
The other key shareholders, including Andy Pearch, the chief executive of Billetts' media auditing division, and David Bridges, the chief executive of its marketing services division, will share the remainder. The company will retain its Billetts branding.
Payments will be made in two parts: an initial pounds 7.5 million payment, mainly in cash, followed by a further pounds 5.6 million in earn-out consideration, subject to Billetts meeting profit targets over ...
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