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Australian stock market forum HotCopper (ASX: HOT) has revealed its global ambitions with the announcement of a $22 million acquisition.
The company will acquire Canadian based Stockhouse Publishing by purchasing all the shares outstanding in Cherubim Investment Corp, Stockhouse's sole member.
Following the acquisition, Hot Copper will grow its reach even further, with approximately 100 million investor impressions a month, reach approximately two million investors and serve more than 400 listed company clients.
"With this acquisition we will have the leading media position on two of the world's largest stock exchanges," says HotCopper managing director Jag Sanger.
"It's a key step in delivering on our vision of a global financial news and investor relations platform for self-directed wealth."
HotCopper says the acquisition of Stockhouse is just the beginning for its global expansion, with Stockhouse providing an entry point for the Australian business into the North American market and a platform for expansion into other geographies.
The acquisition will be funded by a debt facility and a partially underwritten pro-rata non-renounceable entitlement offer. It is also subject to the company successfully completing a capital raise of at least $6.95 million.
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Business News Australia
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