The largest sum ever paid for a U.K. Internet content company.
Published:
10 May 1999 y., Monday
Sports Internet Group, which plans to offer Web sites for users to bet on sports events, agreed to buy Planetfootball.com, a developer of soccer sites, for 24.65 million pounds ($40 million) in stock and cash, the largest sum ever paid for a U.K. Internet content company. London-based Sports Internet offered 15 million new shares at 160 pence each to Peter Wilkinson, Planetfootball_s sole owner. It also offered 650,000 pounds in cash to pay off Planetfootball_s debt. Sports Internet said it will raise a net sum of 4.2 million pounds in a rights offering. The acquisition is the first step in Sports Internet_s plans to use the Internet in the U.K. sports betting market, worth an estimated 7 billion pounds ($11.4 billion). Planetfootball hosts Web sites for 19 U.K. soccer teams, which generated 13 million page impressions in March, the third-most-visited group of sports sites in the U.K. "Content is the key driver for gaming," said Chris Akers, Sports Internet_s chairman. "We will extend into other sports and plan on more acquisitions." He said the money raised would bring its total cash reserve to 5.5 million pounds ($8.98 million). It will spend 1.5 million pounds ($2.45 million) in operating expenses over the next 18 months by which time he expects the company to be profitable.The balance will be used to fund further acquisitions.
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