The Marketing Group PLC has struck a deal to acquire European digital asset investment firm Blockchain Nordic for €4.76mln.
Blockchain Nordic has offices in London, Copenhagen and Marbella, and provides a wide range of investment solutions for dealing in digital assets, such as index investments, tailored portfolios and its own exchange providing access to numerous cryptocurrencies and currency pairs.
The Marketing Group, which operates as RYVL, said it already boasts a strong portfolio of consumer technology clients and is looking to deepen its specialisation by providing services to fast-growth companies that embrace blockchain, and other progressive technologies.
“We are delighted to announce the acquisition of Blockchain Nordic and believe it will provide a powerful springboard for the Group to launch into 2019 with increased scale, renewed focus and positive momentum,” said The Marketing Group executive chairman Adam Graham.
“After the challenges that the group has faced, it was clear that we required revolution – not evolution. We have executed a fundamental pivot in strategy combined with a chunky acquisition.”
He added: “We believe this bold move is what the company needs to kick-start the growth and improve shareholder value.”
TMG is paying for Blockchain Nordic through a combination of cash, shares and convertible loan notes.
To help finance the cash part of the payment, TMG is raising up to €292,500 through the issue of 13mln shares at €0.0225 apiece.
The company has additionally agreed on a conditional placing of up to 18.1mln units comprising one share and one warrant to subscribe at €0.05 for a share at a per unit price of €0.0225.
The conditional placing will be subject to shareholder approval at the general meeting to be convened shortly.