Magnite To Acquire SpotX - Quick Facts

Magnite (MGNI) has entered into a definitive agreement to acquire SpotX from RTL Group for $1.17 billion in cash and stock. Purchase price consists of $560 million in cash and 14 million shares of Magnite stock. Magnite plans to finance the deal with cash on hand, 14 million shares issued to RTL Group and committed financing from Goldman Sachs.

Magnite is targeting in excess of $35 million in run-rate operating cost synergies, with more than half of the synergies realized within the first year of combined operations. The company anticipates the acquisition to close in the second quarter of 2021.

Magnite stated that preliminary results for fourth quarter 2020 include GAAP revenue of $82 million, up 69% on an as-reported basis, and up 20% on a pro forma basis from prior year. Net income was $5.8 million and adjusted EBITDA was $29.9 million, for the quarter.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT