Photon Group sells its digital companies to Salmat for $75m to reduce debt

The Photon Group has sold its four local digital and interactive businesses to Salmat for $75.3m with the proceeds going towards reducing Photon’s debt. 

An additional $15.7m capped performance hurdle payment will be made based on achievement of agreed performance milestones by June 30, 2011.

The portfolio of four businesses to be acquired include: C4 Communications a digital and experiential media services company, providing web development, e-business strategy, e-commerce, retail kiosks and digital mobile marketing; Be.Interactive an interactive and mobile marketing agency creating promotional advertising campaigns using SMS, IVR, mobile phone, digital and 1900 premium rate products; MessageNet a leader in business SMS communications technology; and Returnity a leader in email marketing and supporting digital and database services. 

Salmat and Photon have entered into a strategic alliance to work together to use and promote each others services.