The Engine Group, where Peter Scott is the biggest shareholder, has spent £1.8 million to acquire the public relations consultancy Republic Communications and merge it with its existing subsidiary AS Biss & Company. The new business will be called Mandate. Biss made a profit of £1.2 million in 2006.
Of the purchase price, £1.1 million was paid in cash and the balance in Engine shares. No earnout element was involved and so the price would be expected to be based on a relatively high multiple of profits.
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