Upcoming acquisition of Engine U.K. by Communications
The sale of the U.K. sector of Engine Group, a leading communications group, is set to be finalised before the end of February, according to reports. The buyer in this deal is communications group Next15, as confirmed by sources close to the matter.
Sky News first broke the news of the potential sale, and Adweek has since spoken to four sources with knowledge of the deal. The sale of the U.K. business is estimated to be around £100 million.
The sale process was managed by bank Lazards, appointed by Lake Capital, the owners of Engine Group. However, the future of the U.S. and APAC sections of Engine Group remains unclear, particularly if the U.K. and U.S. sections are sold separately.
Next15 Group plc, the buying company, is a growth consultancy with a leadership team and a board, including a COO, Jonathan Peachey, who previously sold a business to The Engine Group before becoming COO at Next15. This suggests past dealings between the companies, but does not clarify the current sale status.
Discussions regarding the U.S. side of the sale are still ongoing, and no explicit information about the asking price or the future of the U.S. and APAC sections has been disclosed.
The sale of the U.K. sector of Engine Group has been ongoing for several months, and it is expected that the deal will be confirmed before the end of February. More information regarding the sale and the future of the other sections of Engine Group is expected to be revealed in due course.
The U.K. sector sale of Engine Group, a major player in the communications industry, is estimated to be worth approximately £100 million, falling under the realm of finance and business. The acquisition of this capital-rich sector by Next15 Group plc, a growth consultancy, indicates potential future collaborations in terms of industry and finance.
