CGI completes another accretive acquisition:
CGI Acquires Real Estate School Online
Monday July 18, 11:07 am ET
CGI Holding Acquires Real Estate School Online for $4.4 Million in Cash, Stock
NORTHBROOK, Ill. (AP) -- CGI Holding Corp., owner of Internet marketing company Websourced, on Monday said it has acquired Real Estate School Online Inc. for $4.4 million in cash and CGI common stock.
Under the agreement, CGI purchased all of Real Estate School's stock with $2.2 million in cash and $2.2 million in CGI common shares. CGI said it will also pay former shareholders of the online school up to $500,000 if the pretax earnings of Real Estate School surpass specific targets during the next 12 quarters.
The acquisition will immediately boost earnings, CGI said. The Miami-based Real Estate School, which offers online real estate licensing and continuing education classes, is expected to generate more than $1.6 million in income before taxes over 12 months.
CGI also owns KeywordRanking.com and ProRanking.com, Web sites that help clients improve their position in Internet search engine results.
The company is seeking shareholder approval to change its name to Think Partnership Inc. In March, the company changed its stock ticker symbol to THK. CGI Holding shares rose 8 cents, or 3.9 percent, to $2.11 on the American Stock Exchange.
biz.yahoo.com |
