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BoI to part-finance RunningBall takeover

BANK of Ireland is providing part of the financing for a €120m takeover by UK-based Perform Group of realtime sports data provider RunningBall, which is based in Germany.

Perform Group provides digital content to clients including bookmakers, among them Paddy Power, around the world.

Perform said yesterday that it had agreed to pay at least €101m and a maximum of €120m for RunningBall. The initial consideration of €70m includes €20m in cash and €50m in the form of new shares being issued to the sellers.

The deferred consideration is payable entirely in cash and will be financed from new debt facilities.

Perform is refinancing an existing term loan held with Bank of Ireland so it can be in a position to pay for RunningBall. The bank is providing the loan on a 50-50 basis with National Westminster Bank.

The finance includes a senior term loan for £11.3m (€14.1m) that will be used to refinance an existing loan with Bank of Ireland. Another term loan for €30m is being secured to finance the future consideration for RunningBall.

A third revolving facility for €20m will also be earmarked for paying future consideration commitments, while a fourth uncommitted term loan of up to €20m is being made available to fund possible future acquisitions.

Indo Business