APN News & Media, the media company that publishes the New Zealand Herald, has acquired an 82 per cent stake in Australian online shopping club brandsExclusive for as much as A$66 million, adding to a suite of ecommerce assets including Grabone.
Sydney-based APN will pay A$36 million upfront with an additional payment of A$30 million tied to the business meeting its 2013 earnings targets. The total payment represents a multiple of seven-to-eight times 2013 earnings before interest, tax, depreciation and amortisation, the company said in a statement.
"The acquisition of brandsExclusive reflects our strategy of connecting existing media assets with high growth digital transaction businesses," said APN chief development officer Matt Crockett.
Like Grabone, "brandsExclusive enables commercial transactions between advertisers and an online member-based audience".
BrandsExclusive offers premium brands to members at discounts to recommended retail prices.