Talent agency TLA Worldwide today announced the acquisition of Elite Sports Properties in a deal worth up to $19.5M. Under terms of the deal, TLA is paying an initial $10.3M for the Australia-based agency. The amount will be split up into a cash payment of $7.7M along with the allocation of more than 3.9 million TLA shares at US$0.03 each, according to a press release. TLA shares, which are publicly traded on the London Stock Exchange’s submarket AIM, were priced at US$0.65 each based on the average closing market price over the seven days prior to the completion of the deal. In addition, TLA will pay a further $9.2M based on certain performance conditions over a five-year period. TLA Worldwide CEO Michael Principe declined to provide further details on those conditions. TLA already has an established presence in the Australian market as promoter and organizer of the Int'l Champions Cup soccer tournament. Principe said that TLA is confident ESP can help build on that base. “ESP is adding value to the properties that we are producing there in terms of sponsorship procurement, hospitality, PR and activation,” he said. “What ESP does for us is it expands our international footprint and enhances our service offering to clients both individual and corporate.” The deal will increase TLA’s client base by 250 to more than 700. Principe also said that the acquisition of ESP creates no redundancies. The combined staff of the newly created operation will be around 150. ESP will bring a number of high-profile properties to TLA. These include the '15 Cricket World Cup, which is currently being staged in Australia and New Zealand, and the '15 Rugby World Cup, along with brands such as adidas and Carlton & United Breweries.
