Up KeyDrive for up to $55 million — CentralNic scoops

Deal includes cash and share consideration with earnout that could make it a $55 million total price tag.

CentralNic (AIM: CNIC) disclosed today that it has agreed to acquire KeyDrive S.A. for up to $55 million.

The deal includes initial consideration of $35.8 million, made up of $16.5 million in cash and the rest in shares of CentralNic. That equals an enterprise value of $44.5 million following considering debt and other assumptions.

An additional $10.5 million will be paid as an earnout, with at least 15% of that in cash.

KeyDrive is the parent firm of Key-Systems, Moniker, BrandShelter and other domain name brands. In the 2017 financial year, it grossed $58.26 million and had an adjusted EBITDA of $5.87 million.

CentralNic is a registry services provider and owns retail registrars counting Instra and Internet.bs.

Merger talks started no later than the first quarter of this year.