Chime Communications acquires ABC Sports Management

Chime Communications, the international communications and sports marketing group, has acquired ABC Sports Management ("ABC"), one of the UK's top athlete management businesses, with particular strength in rugby union.

ABC currently manages the careers of several leading players in international rugby will merge with CSM's Essentially, a leading commercial sales and athlete management agency, with immediate effect.

Chime will acquire 100% of the share capital from Christian Abt, Sarah Abt and Stuart Peters. The initial consideration is £810,000 of which 30% will be funded by the issue of 72,196 new Chime ordinary shares.

Further deferred consideration may become payable over the period to 2020 depending on the performance of the business. Total consideration is capped at £1.5m. At Chime's option 30% of the deferred consideration may be satisfied through the issue of new Chime ordinary shares.

Christopher Satterthwaite, chief executive of Chime Communications, said: "This acquisition will strengthen CSM's position as one of the leading rugby athlete management businesses in the world."

At 12:16pm: (LON:CHW) Chime Communications PLC share price was +4.88p at 313.13p

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