Ascential PLC said on Thursday it acquired e-commerce service provider Intrepid E-Commerce Services Pte Ltd for an initial cash consideration of $57 million.

Deferred considerations will be payable over four years, totalling between $100 million and $197 million when combined with the initial cash payment. The maximum consideration for the acquisition is capped at $250 million, in the event that stretching targets are reached.

Intrepid is headquartered in Singapore and primarily provides services to brands in South East Asia. In 2021, Intrepid reported revenue of $17.8 million and an earnings before interest, tax, depreciation, and amortisation loss of $4.5 million.

Chief Executive Duncan Painter said: ‘Intrepid’s strong presence in South East Asia, alongside its proven expertise operating across the major marketplaces in this important region, further enhances the capabilities and global reach of our Digital Commerce business.’

Shares in the business-to-business media and events firm Ascential were down 1.4% at 259.60 pence on Thursday morning in London.

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