Media and entertainment business Time Out Group has bought Time Out. In Australia.
The London-listed firm’s shares bounced up one per cent this morning after it announced the acquisition of Print and Digital Publishing Pty Limited, also known as Time Out Australia.
The group’s Australian licensing partner runs Time Out in five cities Down Under: Sydney, Melbourne, Perth, Adelaide and Brisbane.
As part of the deal, the company has applied for 1.66m shares of 0.1p to be admitted to trading on the Alternative Investment Market (Aim) on 7 June.
The acquisition of Time Out Australia follows the addition of Time Out Hong Kong to the group in March.
The group’s network of owned and operated businesses now comprises 71 cities across 17 countries. Including licensing partners, its presence extends across 108 cities across 39 nations.
Time Out chief executive Julio Bruno said: “With the acquisition of Time Out Australia, we continue the global expansion of our iconic brand and our evolution as a worldwide digital, transactional business.
“I am delighted to welcome a very successful and trusted licensing partner and its team to our network of owned and operated businesses.”
Time Out floated on the London Stock Exchange junior market Aim in June last year.