Singapore – Immersive media company Vividthree Holdings has announced that it has entered into a definitive conditional sale and purchase agreement (SPA) with one of the leading PR agencies in Singapore and Malaysia, Elliot Communications
The group will invest S$775,393 in cash for new and vendor shares, acquiring a 30% stake in Elliot & Co. The SPA is expected to be completed by 30 April this year.
The SPA also details a call option agreement with Elliot & Co., allowing the group to acquire another 21% stake for at least S$1.98m should Elliot & Co. achieve a net profit of not less than S$0.90mbetween FY2023 and FY2025, bringing the latter’s share to 51%.
With the acquisition, Elliot & Co. will help broaden Vividthree’s service portfolio and bolster value for customers. It will likewise complement Vividthree’s core business of digital content production and is in line with its ambition to expand its footprint in the communications industry.
Moreover, the partnership will enable Vividthree to leverage Elliot Communications’ network and expertise to enter new markets and capitalise on emerging opportunities in Southeast Asia.
“Our partnership with Elliot & Co. will broaden our portfolio of services and reinforce our presence in the APAC region. With this acquisition, we are well positioned to enhance our reputation and build stronger relationships with stakeholders, which will drive value for our shareholders and enable us to better serve our clients,” said Jonathan Zhang, chief executive officer of Vividthree.
Zhang also added that the decision to partner with Elliot & Co. was based on the latter’s commitment to customer satisfaction, remarkable growth trajectory, and shared values.
Meanwhile, Jeremy Foo, founder of Elliot & Co., shared his excitement over further integrating the firm’s services and offering their clients new ways to thrive in the digital era through the acquisition.
“By combining our expertise in media engagement with Vividthree’s proven leadership in content production, we are now able to offer our customers with a comprehensive suite of content management and communications services, providing us with a competitive edge as we move into 2023 and beyond,” he concluded.
