The proposed acquisition is in line with the strong pivot made by the company towards being a digital and AI-focused company.
Quint Digital Limited (QDL), a media-tech company, has entered into an exclusive, non-binding Letter of Intent to acquire a significant majority stake in the leading digital content management system and services group having a presence in the Middle East, Far East and African regions, at a valuation of USD 10 Million (subject to due diligence/customary adjustments etc.).
The non-binding Letter of Intent provides an exclusive negotiation period of 90 days during which QDL will conduct necessary due diligence and negotiate definitive, binding agreements. Preliminary diligence, which is subject to confirmation, shows that the target company is profitable, and the acquisition is expected to be strongly EPS accretive.
QDL had in August 2023 rebranded itself as a pure play ‘digital company’ to resonate better with its vision, strategy and digital focus.
It is anticipated that the final transaction subject to the completion of customary due diligence, negotiation and execution of definitive binding agreements and required approvals, will be completed by March 1, 2024.
QDL also owns a majority stake in Quintype Technologies India, the AI-powered digital newsroom growth platform that empowers publishers in India, the USA, Europe, the Middle East and Africa to create, distribute and monetise their content.