Vizrt Acquires Additional 20% of LiberoVision AG
Bergen, Norway, March 14, 2012. Vizrt Ltd. (Oslo Main List: VIZ)
Further to the successful closing of the first tranche of the acquisition of LiberoVision AG, a leader in the field of virtual sports enhancements, Vizrt announces that on March 14th, 2012, it has closed the second tranche.
Pursuant to the Share Purchase Agreement, Vizrt Ltd. shall purchase all of the issued and outstanding share capital of LiberoVision in three installments. On July 1, 2011, Vizrt Ltd. purchased 60% of the share capital of LiberoVision. On March 14, 2012, an additional 20% and the remaining 20% shall be purchased following the approval of the financial statements of LiberoVision for the year 2012.
The consideration for the second tranche is calculated as 20% of ten times the EBIT for 2011. Based on the LiberoVision financial results for 2011, the adjusted calculation of the EBIT is CHF 121,278 and thus the consideration to be paid is CHF 242,556.All installments shall consist of 80% cash and 20% Vizrt Ltd. shares. This means that the cash consideration for the second tranche is CHF 194,044. The balance of 20%, equivalent to CHF 48,511, will consist of 14,264 shares of Vizrt Ltd. Consequently the number of shares outstanding is 66,214,455.
Vizrt provides real-time 3D graphics and asset management tools for the broadcast industry - from award-winning animations & maps to online publishing tools. Vizrt's products are used by the world's leading broadcasters and publishing houses, including: CNN, CBS, Fox, the BBC, BSkyB, ITN, ZDF, Star TV, Network 18, TV Today, CCTV, NHK, The Globe and Mail, Times Online, The Telegraph, and Welt Online. Furthermore, many world-class production houses and corporate institutions such as the Stock Exchanges in New York and London use Vizrt systems.
Vizrt is a public company traded on the Oslo Main List: VIZ, ISIN: IL0010838154. For further information please refer to www.vizrt.com
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