Cafeyn has signed an agreement to acquire 98.40% stake in Toutabo SA from Readly International AB (OM:READ) for ?4.5 million.

Cafeyn has signed an agreement to acquire 98.40% stake in Toutabo SA from Readly International AB (publ) (OM:READ) for ?4.5 million on June 18, 2024. A cash consideration of ?4.5 million valued at ?4.5 per share will be paid by Cafeyn. As part of consideration, ?4.5 million is paid towards common equity of Toutabo SA.

Subscribers and publishers on Readly's platform (fr.readly.com) are not affected by the deal. The proceeds from the deal will strengthen Readly?s position to keep investing in its core markets. The transaction is considered to have limited impact on Readly?s earnings ahead.