RPSG Ventures shares rally 5% after acquiring 70% stake in Manchester Originals for £81.2 million
RPSG Ventures' share price rallied nearly 5% after its subsidiary acquired a 70% stake in UK-based cricket franchise Manchester Originals for £81.2 million. The all-cash deal, signed with the ECB, marks a strategic international expansion into spo...
By Nishtha Awasthi, ETMarkets.com |
ETMarkets.com
Shares of RPSG Ventures surged 4.7% to an intraday high of Rs 999.05 on the BSE on Tuesday, July 29, after its subsidiary RPSG Sports Ventures completed the acquisition of a 70% equity stake in Manchester Originals Ltd for a total consideration of GBP 81,210,000.
The acquisition amount, to be paid over a period of 24 months, marks a significant expansion of RPSG Ventures into international sports assets, particularly in the cricketing space.
The acquisition was executed via a Share Purchase Agreement signed with the England and Wales Cricket Board (ECB). Additionally, RPSGVPL has entered into supporting agreements with ECB, Manchester Originals, and Lancashire County Cricket Club Ltd (LCCC) in relation to the transaction.
Following the completion of the deal, Manchester Originals has become a subsidiary of RPSGVPL and a step-down subsidiary of RPSG Ventures.
Manchester Originals is a professional cricket franchise based in Manchester, England, and competes in the “The Hundred” competition. The team represents Lancashire and was incorporated on May 10, 2019.
As per audited financials, the franchise reported a turnover of GBP 2,044,639 for the financial year ending January 2024.
The transaction is not categorised as a related-party transaction, with the promoter group confirming no prior interest in the target entity. The consideration is entirely in cash, and RPSGVPL now holds 70 ordinary shares, representing 70% equity in Manchester Originals.
Turnover for Manchester Originals over the past three financial years stood at:
On Monday, the shares of RPSG Ventures closed 4.3% lower at Rs 953.95 on the BSE
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
The acquisition amount, to be paid over a period of 24 months, marks a significant expansion of RPSG Ventures into international sports assets, particularly in the cricketing space.
The acquisition was executed via a Share Purchase Agreement signed with the England and Wales Cricket Board (ECB). Additionally, RPSGVPL has entered into supporting agreements with ECB, Manchester Originals, and Lancashire County Cricket Club Ltd (LCCC) in relation to the transaction.
Following the completion of the deal, Manchester Originals has become a subsidiary of RPSGVPL and a step-down subsidiary of RPSG Ventures.
Manchester Originals is a professional cricket franchise based in Manchester, England, and competes in the “The Hundred” competition. The team represents Lancashire and was incorporated on May 10, 2019.
As per audited financials, the franchise reported a turnover of GBP 2,044,639 for the financial year ending January 2024.
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The transaction is not categorised as a related-party transaction, with the promoter group confirming no prior interest in the target entity. The consideration is entirely in cash, and RPSGVPL now holds 70 ordinary shares, representing 70% equity in Manchester Originals.
Turnover for Manchester Originals over the past three financial years stood at:
- FY24: GBP 2,044,639
- FY23: GBP 1,965,385
- FY22: GBP 1,431,719
On Monday, the shares of RPSG Ventures closed 4.3% lower at Rs 953.95 on the BSE
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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