Ad firm Tremor in talks to snap up competitor for £165m
London-listed ad tech giant Tremor is set to snap up an American competitor in a £165m deal, according to industry sources.
As reported by Mark Kleinman for Sky News, the firm is in advanced talks to buy Amobee from Singtel.
Sources told Sky News that the deal to buy the Californian company would generate over £60m for the company and boosting profitability.
It is understood Tremor is being advised Goldman Sachs in the deal with the Singaporean telecoms company.
The publication reported back in November that shareholders were demanding that the board started talks with buyers.
Tremor shares have had a sluggish year, and have dropped over 33 per cent in the year to date.
Tremor reported a record first quarter financial performance back in May, with a 13 per cent year-on-year rise.
Adjusted EBITDA was ahead 22 per cent year-on-year for the three months ended 31 March, to $33.6m (£27m)
The firm said connected television (CTV) spending grew 21 per cent in the first quarter to $46.2m.
Tremor clients include the likes of Amazon and Disney.