Team Internet completes acquisition of Shinez

Team Internet Group plc (LON:TIG, OTCQX: TIGXF) has announced that, further to the announcement released on 19 March 2024, the acquisition of Shinez I.O Ltd, is now complete.

Shinez has been acquired for an enterprise value of USD 43.2 million, inclusive of customary adjustments for cash and working capital with an initial consideration of USD 38.9 million and USD 4.3 million retained in escrow to cover for customary warranties and indemnification.

Contingent additional consideration of up to USD 12.3 million may become due subject to Shinez achieving ambitious financial targets over the next two years, payable in cash.

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