In a deal characterized as a “reverse takeover,”Podcast platform Audioboom is buying Triton Digital for $185 million, the companies announced in a notification filed with the London Stock Exchange.
Audioboom buy all the stock of Triton parent Triton Digital Canada Inc., raising much of the money with a new issue of Audioboom stock. The resulting entity will take the name Triton Digital Group PLC, consolidating its ordinary shares in the company.
After consummation of the deal, Triton President/CEO Neal Schore and EVP/CFO Mark Rosenbaum will join the new Triton board in their current positions. Current Audioboom CEO Robert Proctor will continue as an Executive Director, with additional Non-Executive Directors expected to be added.