reach4entertainment enterprises plc (AIM:R4E) entered into a sale and purchase agreement to acquire Agency Press Limited from its four shareholders for £10 million on February 21, 2019. Under the terms of the transaction, reach4entertainment will pay a cash consideration of £3.9 million and issue 20.8 million ordinary shares of reach4entertainment enterprises on the completion of transaction (initial consideration), and additional deferred cash consideration based on the financial performance of Agency Press, during the period commencing on June 1, 2017 to December 31, 2021, excluding working capital adjustments (deferred consideration). The aggregate of the initial consideration and the deferred consideration is to be capped at £10 million. Initial cash consideration will be funded in part by way of a conditional placing, which will raise gross proceeds of £3 million; and in part by way of a £0.5 million unsecured loan provided by In The Loop Limited. Agency Press reported a gross profit of £4.1 million, adjusted EBITDA of £1.7 million and profit before tax of £1.3 million in the financial year ended May 31, 2018. The transaction is subject to approval by shareholders of reach4entertainment enterprises in the general meeting to issue and allot the placing and consideration shares. On March 15, 2019, shareholders of reach4entertainment enterprises approved the transaction in the general meeting. The acquisition is expected to be completed on March 19, 2019. Acquisition will be substantially earnings enhancing to reach4entertainment enterprises in the first full year of ownership. Philip Secrett, Jen Clarke and Seamus Fricker of Grant Thornton acted as nominated financial advisor; while James Serjeant and David Poutney of Dowgate Capital acted as brokers to reach4entertainment in the transaction. reach4entertainment enterprises plc (AIM:R4E) completed the acquisition of Agency Press Limited from its four shareholders on March 21, 2019.