Astronomical Holdings Limited (AHL), an investment firm spearheaded Attorney-At-Law and businessman Able-Don Foote finally inked the long-awaited equity deal with iCreate.
The deal has been on the cards for some time now, it was only a matter of time before it was done. The deal has amounted to $100 million dollars and will give AHL a chance to become an important stakeholder in the company.
This deal comes against the backdrop of major changes that are taking place within iCreate itself. The company is going through a transitioning period which will allow it to expand into other markets. For example, iCreate is currently on the verge of purchasing Visual Vibe Limited (VVL), Visual Vibe is the largest digital outdoor advertising company in Jamaica.
This is one of many strategic moves that are on the table. Another interesting news that has popped up is iCreate’s upcoming $425 million rights issue on September 26, 2022. This will allow them to raise more money and give shareholders the opportunity to hold more shares of the company.
Analysts are predicting that the money being raised will allow iCreate to smooth out any financial bottlenecks that might happen with the Visual Vibe deal.
Visual Vibe earned $160 million in revenue in 2019 along with $80 million and $60 million, respectively, in operating and net profit. The company currently has 13 boards islandwide and will be led by Declan Tully.
Able-Don Foote stated that this investment with iCreate will help to fund the deal and he is currently banking on future strategic partnerships between the two companies.
“The idea is that these proceeds will go towards funding the impending visual vibe transaction,” Foote stated.
