Shareholders approve KeyDrive acquisition; deal to close tomorrow
Source: Domain Name Wire, September 6, 2018. https://domainnamewire.com/2018/08/01/shareholders-approve-keydrive-acquisition-deal-to-close-tomorrow/
Long-awaited merger will be completed tomorrow.
Domain name company CentralNic (AIM:CNIC) held a shareholder meeting this morning at which shareholders approved the company’s acquisition of KeyDrive S.A. With the shareholder approval, the company will complete its acquisition of Keydrive tomorrow morning.
The cash-and-equity deal will give CentralNic a much bigger position in the domain registration business including the Key-Systems platform and retail registrar Moniker. CentralNic already owns retail domain name registrars Instra and Internet.bs.
KeyDrive grossed $58.26 million in the 2017 fiscal year. CentralNic’s top line was £24.3m in 2017 (about $32M USD at today’s exchange rate).
CentralNic has been growing largely by acquisition in recent years. At the general meeting, shareholders rejected a measure to streamline future acquisitions by giving CentralNic advanced permission to issue shares to non-shareholders without having to gain the specific agreement of existing shareholders.