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Martin Sorrell’s S4 Capital proposed a new share offering today in hopes of raising $126 million (100 million euros) to further its expansion through mergers and acquisitions.
The disclosure was made as part of S4 Capital’s latest trading update in which the company—home to digital media and production operations such as MediaMonks and MightyHive—also disclosed that Q1 revenue was up 19%.
According to the update, the raise “will allow the company to execute deals in negotiations proactively and explore larger deals, as well as respond quickly and with agility to opportunities as they arise.”
About half the funds will be used to fund the cash proportion of earlier deals (the company has conducted 13 since it was founded in 2018), with any future deals to be structured as 50% in cash and 50% in shares.