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Magnite Closes USD 1.17bn Acquisition of SpotX
Monday 03 May 2021

US-based advertising platform Magnite (NASDAQ: MGNI) has closed the acquisition of Colorado, US-based global video ad serving platform SpotX from RTL Group for USD 1.17bn in cash and stock, the company said.

Magnite is targeting in excess of USD 35m in run-rate operating cost synergies, with more than half of the synergies realised within the first year of combined operations. Magnite plans to finance the transaction with cash on hand, 14m shares issued to RTL Group and committed financing from Goldman Sachs.

The combination will create a strengthened independent CTV and video advertising platform in the programmatic marketplace, providing better support for sellers, and improving scale and efficiency for buyers.

Goldman Sachs and LUMA Partners acted as financial advisors to Magnite and Goldman Sachs is providing committed financing for the transaction. Gibson Dunn provided legal counsel to Magnite.

Magnite (NASDAQ: MGNI) is an independent sell-side advertising platform.
Date Published: 03/05/2021