Baker & McKenzie Advises Salmat Limited on Acquisition of Photon Group Assets
Deal Announcement
4 January 2011
Sydney, Australia, 4 January 2011 – Baker & McKenzie has advised Salmat Limited (ASX: SLM) on an agreement to buy digital and interactive businesses from Photon Group Limited (ASX: PGA) for a cash consideration of A$75.3 million, with an additional A$15.7 million capped performance hurdle payment to be made based on achievement of agreed performance milestones by 30 June 2011. The agreement was announced on Wednesday 22 December 2010.
The portfolio of four businesses to be acquired by Salmat Limited include C4 Communications, Be.Interactive, MessageNet and Returnity.
Salmat Limited is a leading marketing services provider in Australia, specialising in targeted customer communication solutions.
Photon Group is a marketing and communication services provider, offering advertising, marketing and sales force outsourcing.
Ben McLaughlin, partner in Baker & McKenzie's corporate practice led the transaction team.
Commenting on the transaction, Ben McLaughlin said, "We are very pleased to assist Salmat Limited with this transaction to cement their position as a market leader in the marketing communications sector."