American company Velocity Sports & Entertainment has been bought by UK media buying and planning group Aegis. The purchase is part of Aegis' plan to become a global player in the sports marketing business.
It also heralds further consolidation in the sector, coming just weeks after IMG of the US, the globe's biggest sports marketing consortium, was bought by the American private equity firm Forstmann Little for almost $700 million (€535m; £377m).
Velocity will initially change hands for $9 million, with Aegis paying out a further performance-dependent $26 million in cash to the five company founders and principal shareholders.
Says Doug Flynn, Aegis chief executive: "Sponsorship has become a key communication medium and a vital part of the communications planning mix. We were impressed with the vision of Velocity and are keen to develop this part of the business into a true international capability."
Data sourced from Financial Times; additional content by WARC staff