News
Zed raises €92.5m war chest
Stuart O'Brien Aug 1 2008, 9:51am
New credit agreement will be used to fund mergers and acquisitions.
Spanish D2C content giant Zed has secured a €92.5m credit line from ING, Banesto, BBVA, Banco de Sabadell and Caja Madrid to support its mergers and acquisitions expansion strategy.
ING and Banesto will both contribute €25 milion, BBVA €20 million, Banco de Sabadell €15 million and Caja Madrid €7.5 million. The credit agreement will is valid until 2013.
Zed has moved aggressively through acquisitions in the past to secure market share in new territories, having paid £34 million for Monstermob in February 2007.
The company has already confrimed it will spend €35 million on R&D this year, and increase its staff count from 750 to 1,300, having posted 2007 revenues of $545 million.
Javier Pérez Dolset, founder and CEO of Zed Worldwide, said: "The main objective of this loan is to finance the expansion plans of the company and give a significant boost to our mergers and acquisition policy. The granting of this credit confirms that the market continues to support Zed’s growth policy, which in the past has shown its capacity to generate value through other significant corporate operations"
