Vinyl Group (ASX:VNL) completed the acquisition of events firm Funkified for a total of AU$2.5 million, according to a Monday filing with the Australian bourse.
The acquisition is broken down into AU$1.8 million in cash, AU$200,000 worth of shares, or around 1.7 million shares at AU$0.1182 each, and AU$500,000 in deferred payment conditional on meeting earnings before interest and taxes threshold 12 months after the acquisition, the filing said.
Funkified served as the events unit of publication firm Brag Media since 2021, which was also acquired by the music company earlier in the year.
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